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Ten years of EMU: convergence, divergence and new policy priorities

  • Nikos Christodoulakis

As the tenth anniversary of EMU is approaching, a debate is underway as to whether the single currency has promoted or hindered convergence among the countries of the Euro Area. On the one hand, there is wide agreement that asymmetric shocks have subsided after the creation of the single currency, but if one moves to examine the catching-up process between the more and less affluent countries of the Euro Area, the evidence is waning. Another worrying development in the Euro Area is the emergence of unprecedented current account deficits in the southern Euro Area countries, while the northern ones enjoy substantial surpluses. To counter these new imbalances, new well-framed policy priorities are required in the Euro Area that put more emphasis on convergence and competitiveness than before.

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File URL: http://eprints.lse.ac.uk/23192/
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Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 23192.

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Length: 52 pages
Date of creation: Jan 2009
Date of revision:
Handle: RePEc:ehl:lserod:23192
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