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| Author: | Fatas, A. |
| Title: | EMU: countries or regions? Lessons from the EMS experience |
| Journal: | European Economic Review
1997 : VOL. 41:3-5, p. 743-752 |
| Index terms: | EUROPEAN MONETARY SYSTEM CURRENCY ECONOMICS |
| Language: | eng |
| Abstract: | The future adoption of a single currency among some of the members of the European Union has raised many concerns about the ability of EMU to deal with shocks that are specific to regions or countries. The assumption behind these concerns is that national business cycles in Europe are fairly pronounced and that exchange rates are good stabilizing tools. This paper characterises regional and national fluctuations within the European Union and it studies how the process of integration and the creation of the EMS has affected these patterns. |
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