Table of contents
1. Introduction..........................................................................................................7
2. Integration in Europe so far.................................................................................. 8
2.1 The theory of optimum currency areas as a theory of integration.................8
2.2 Business cycle synchronisation.................................................................... 18
2.3 Real convergence versus price level developments ..................................... 21
3. Prospects for the European Union in the years ahead ........................................ 23
4. Closing remarks .................................................................................................. 30
5. References .......................................................................................................... 31
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