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| Author: | Demertzis, M. |
| Title: | Is the European Union a natural currency area, or is it together by policy makers? |
| Journal: | Weltwirtschaftliches Archiv
2000 : vol. 136:4, p. 657-679 |
| Index terms: | EUROPEAN UNION CURRENCY POLICY |
| Language: | eng |
| Abstract: | In 1999, EMU started with 11 members, but with considerable uncertainty about the depth of the convergence between them. The optimal currency area literature stresses the need for shocks which are symmetric and of similar size across countries. The results show that symmetries in the core are only marginally stronger than those in the periphery; and that these symmetries have been increasingly maintained by policy interventions. |
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