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Ten Years of EMU – Achievements, Weaknesses, Challenges

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  • Fritz Breuss

    (WIFO)

Abstract

The assessment of 10 years of EMU is ambivalent. On the one hand, the introduction of the common currency has contributed towards price stability and the euro has acquired a global status next to the dollar. Monetary Union has also stimulated cross-border trade within the euro area. On the other hand, the expected growth "dividend" has so far failed to materialise. Despite the complicated and asymmetric policy framework governing EMU, the responsible institutions have co-operated timely and smoothly during the international financial market crisis, trying to limit the damage for the financial sector as well as for business activity through a co-ordinated approach.

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Bibliographic Info

Article provided by WIFO in its journal Quarterly.

Volume (Year): 14 (2009)
Issue (Month): 1 (April)
Pages: 49-72

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Handle: RePEc:wfo:wquart:y:2009:i:1:p:49-72

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Keywords: European Economic; Monetary Union; EMU; Austria;

References

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  11. Elena Flores & Gabriele Giudice & Alessandro Turrini, 2005. "The framework for fiscal policy in EMU: What future after five years of experience?," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 223, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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