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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.

Suggested Citation

  • Fritz Breuss, 2009. "Ten Years of EMU – Achievements, Weaknesses, Challenges," Austrian Economic Quarterly, WIFO, vol. 14(1), pages 49-72, April.
  • Handle: RePEc:wfo:wquart:y:2009:i:1:p:49-72
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    References listed on IDEAS

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    Keywords

    European Economic; Monetary Union; EMU; Austria;

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