As the prospect of full monetary integration in the European Union (EU) draws closer to reality, attention has focused on the difficulties that individual member states are likely to face after the adoption of a single currency and a common monetary policy. The implications of economic and monetary union in Europe have been discussed at length by numerous authors (see, for example, Eichengreen, 1993; Goodhart, 1995; Shepherd, 1990). As far as macroeconomic policy is concerned, one of the key questions is whether the various economies have achieved, or can achieve, a degree of convergence sufficient to ensure the smooth operation of a unified monetary system. The answer to this question hinges on the nature of the shocks that affect each country and how they are absorbed in the absence of exchange rate changes and independent monetary policy adjustments.
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- Testing for Common Features in the European Union
- Palgrave Macmillan UK
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