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Growth synchronisation in euro area countries


  • Martínez-Martin, Jaime
  • Saiz, Lorena
  • Stoevsky, Grigor


The degree of business cycle synchronisation, both across the euro area countries as well as between the euro area and the rest of the world, is a pertinent research question. Regarding the euro area, the endogenous optimal currency area (OCA) hypothesis suggests that the degree of business cycle synchronisation among the participating countries should increase over time as a result of deepening financial and trade integration. Individual countries should thus become less exposed to idiosyncratic shocks, facilitating the effectiveness of the single monetary policy. Against this background, this box presents and analyses several measures of business cycle synchronisation both within the euro area as well as from a global perspective. JEL Classification: E32

Suggested Citation

  • Martínez-Martin, Jaime & Saiz, Lorena & Stoevsky, Grigor, 2018. "Growth synchronisation in euro area countries," Economic Bulletin Boxes, European Central Bank, vol. 5.
  • Handle: RePEc:ecb:ecbbox:2018:0005:3
    Note: 3767361

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    Cited by:

    1. Byrne, David & Parle, Conor, 2019. "Euro Area Slowdown - a Country-Sector Analysis," Quarterly Bulletin Articles, Central Bank of Ireland, pages 149-163, July.
    2. Nikolov, Plamen & Pasimeni, Paolo, 2019. "Fiscal Stabilization in the United States: Lessons for Monetary Unions," BoF Economics Review 6/2019, Bank of Finland.

    More about this item


    business cycle synchronisation; common and idiosyncratic shocks;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles


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