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Analyzing the Eurozone: Is the EMU an Optimal Currency Area?

This pre-lecture assignment examines the Economic and Monetary Union (EMU) in the context of Optimal Currency Area (OCA) theories. It invites a comparison of the current EMU against OCA principles and explores implications for the EU27. Suggested readings include key papers by Mongelli and Vega (2006) and A.K. Rose (2008), which analyze the effects of the EMU on member countries—prior to the recent financial crisis. The assignment highlights the complexity in arriving at conclusive answers regarding the EMU and its function as an OCA.

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Analyzing the Eurozone: Is the EMU an Optimal Currency Area?

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  1. Pre-Lecture Assignment • Is the EMU an OCA? • Compare the current EMU against the ideas presented in the OCA theories • What about EU27? • Search the Internet for sources • If you have trouble finding sources, you can read: 1. Mongelli, F. and Vega, J.L. (2006) “What Effects is EMU Having on the Euro Area and its Member Countries?”, ECB working paper series No. 599 /March 2006. http://www.ecb.int/pub/pdf/scpwps/ecbwp599.pdf 2. A.K. Rose (2008): EMU, Trade and Business Cycle Synchronization http://faculty.haas.berkeley.edu/arose/EMUMeta.pdf • Notice, that these are written before the crisis! • Notice, that you may not be able to give a definite answer…

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