EMU not all it's cracked up to be

ARTICLE - Fabrice Collard and Harris Dellas from the Centre for Economic and Policy Research have published a paper "Exchange Rate Systems and Macroeconomic Stability". One of the article's vital conclusions is that the justification of the single currency by the theory of optimum currency areas is weaker than previously thought.


An examination of what happens under different exchange rate regimes to France and Germany gives three conclusions. First, under EMU France experienc

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