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Monetary integration vs. real disintegration: single currency and productivity divergence in the euro area

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  • Alberto Bagnai
  • Christian Alexander Mongeau Ospina

Abstract

Productivity slowdown plays a prominent role in the build-up of the euro area crisis. This phenomenon affected member countries asymmetrically, causing divergence in their productivity trends. Recent research traces this divergence back to monetary integration. After reviewing the arguments that link real “disintegration” of the euro area to its monetary integration, we assess them empirically by modelling the evolution of labour productivity using a panel of sectorial data. The results indicate that monetary unification may actually have fostered divergence in productivity trends, and suggest some economic policy measures that could prevent further divergence.

Suggested Citation

  • Alberto Bagnai & Christian Alexander Mongeau Ospina, 2018. "Monetary integration vs. real disintegration: single currency and productivity divergence in the euro area," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 21(4), pages 353-367, October.
    • Handle: RePEc:taf:jecprf:v:21:y:2018:i:4:p:353-367
    DOI: 10.1080/17487870.2017.1403755
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    Cited by:

    1. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller & Bernhard Schütz, 2018. "Structural Change in Times of Increasing Openness," wiiw Working Papers 143, The Vienna Institute for International Economic Studies, wiiw.
    2. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller & Bernhard Schütz, 2020. "Structural change in times of increasing openness: assessing path dependency in European economic integration," Journal of Evolutionary Economics, Springer, vol. 30(5), pages 1467-1495, November.
    3. Hong Zhuang & Miao Grace Wang & Imre Ersoy & Mesut Eren, 2023. "Does joining the European monetary union improve labor productivity? A synthetic control approach," Journal of Productivity Analysis, Springer, vol. 59(3), pages 287-306, June.
    4. Alessandro Bellocchi & Edgar J. Sanchez Carrera & Giuseppe Travaglini, 2021. "What drives TFP long-run dynamics in five large European economies?," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(2), pages 569-595, July.

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