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ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?

  • Mongelli, Francesco Paolo

    (European Central Bank)

This paper traces the advancements of the optimum currency area theory through its successive phases: the "pioneering phase," the "cost-benefit phase," the "reassessment phase," and the "empirical phase" in which we focus mostly on Europe because there is now a wealth of data, research and other information on European integration. The thrust of the pioneering contributions is still relevant and that the analysis of the benefits and costs from monetary integration has greatly evolved. There are more benefits and some of the perceived costs are smaller than previously thought. We also need to distinguish between an "OCA question" and an "EMU question."

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Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 140.

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Date of creation: 29 Aug 2002
Date of revision:
Handle: RePEc:ecj:ac2002:140
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  1. Barry Eichengreen., 1990. "One Money for Europe? Lessons from the US Currency Union," Economics Working Papers 90-132, University of California at Berkeley.
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