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Regional integration effects of the euro: What is the empirical evidence after the first years?

In: Spatial implications of the European Monetary Union

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  • Hallet, Martin

Abstract

Evidence on the static integration effects of the euro in the first years is difficult to identify. Changes in price differences and trade volumes before and after 1999 hardly show up and may require more time to become visible, although there tend to be considerable differences between euro and non-euro countries, probably for a number of reasons such as distance, the overall degree of integration and the exchange rate level of the euro. Regarding the dynamic integration effects some conclusions can be drawn from the long-term integration experience of the past. Economic integration in Europe, which is further progressing with the introduction of the euro, requires structural adjustment in all regions to bring about its positive welfare effects in the long run. Programmes of public expenditure will not be successful if not accompanied by sound economic policies, in particular a balanced macroeconomic policy-mix and structural reforms to enhance the efficiency of goods, labour and capital markets.

Suggested Citation

  • Hallet, Martin, 2004. "Regional integration effects of the euro: What is the empirical evidence after the first years?," Studies in Spatial Development: Chapters, in: Akademie für Raumforschung und Landesplanung, Hannover (ed.), Spatial implications of the European Monetary Union, volume 6, pages 45-62, ARL – Akademie für Raumentwicklung in der Leibniz-Gemeinschaft.
  • Handle: RePEc:zbw:arlssc:59976
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    References listed on IDEAS

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    1. K.H. Midelfart & H.G. Overman & S.J. Redding & A.J. Venables, 2000. "The location of European industry," European Economy - Economic Papers 2008 - 2015 142, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Torres,Francisco & Giavazzi,Francesco (ed.), 1993. "Adjustment and Growth in the European Monetary Union," Cambridge Books, Cambridge University Press, number 9780521440196, October.
    3. Martin Hallet, 1999. "The Regional Impact of the Single Currency," Advances in Spatial Science, in: Manfred M. Fischer & Peter Nijkamp (ed.), Spatial Dynamics of European Integration, chapter 5, pages 94-109, Springer.
    4. Martin Hallet, 2000. "Regional specialisation and concentration in the EU," European Economy - Economic Papers 2008 - 2015 141, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Manfred M. Fischer & Peter Nijkamp (ed.), 1999. "Spatial Dynamics of European Integration," Advances in Spatial Science, Springer, number 978-3-642-60180-4, Fall.
    6. Krugman, Paul & Venables, Anthony J, 1990. "Integration and the Competitiveness of Peripheral Industry," CEPR Discussion Papers 363, C.E.P.R. Discussion Papers.
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