Comment: The Benefits of Joining the EMU

Comment: The Benefits of Joining the EMU

What is the gain for new European Union member states of joining the Euro currency area so soon? This is the question asked by Federico Ravenna in a recent ECB working paper*. The author argues that the decision to become part of the monetary union is not as obvious as the one to join the EU.

By joining a monetary union, a country loses its independent choice of the price dynamics in the long run, the ability to respond to business cycle shocks in a way

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