Provided by Research Papers in Economics
39th Congress of the European Regional Science Association
23-27 August 1999, Dublin
Raul Ramos, Miquel Clar, Jordi Surinach
Grup d’Anàlisi Quantitativa Regional
University of Barcelona
Avda. Diagonal, 690 - 08034 Barcelona (Spain)
[email protected], [email protected], [email protected]
EMU: SOME UNANSWERED QUESTIONS
(Preliminary version)
ABSTRACT: Following the Optimum Currency Areas approach, recent theoretical and
empirical studies have concluded that asymmetric shocks play a fundamental role to assess
the success of EMU. In a previous study, we found strong evidence supporting a reduction of
asymmetric shocks at a national level in the most recent years. Taking into account these
results, one should expect that benefits of EMU would overweight costs. However, there are
some other questions that should be considered. In this paper, we analyse the possible
consequences of the reduction of asymmetric shocks on regional convergence, putting special
attention to differences in the transmission of the single monetary policy and the implications
of the Stability Pact at a regional level.
Keywords: EMU, Optimum currency areas, Asymmetric shocks, Convergence, Monetary
transmission mechanisms, Stability Pact.
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