Quotation Breuss, Fritz. 2009. Ten Years of EMU – Achievements, Weaknesses, Challenges. Austrian Economic Quarterly (1): 49-72. http://www.wifo.ac.at/wwa/jsp/index.jsp?fid=23923&id=35601&typeid=8&display_mode=2.




Ten years after the European Economic and Monetary Union (EMU) had been completed, an assessment of the early years is bound to be an ambivalent one. On the one hand, price stability was fostered by the introduction of the euro, and the new currency soon acquired a global status next to the dollar. Monetary Union stimulated also cross-border trade within the euro area. On the other hand, the expected growth "dividend" has so far failed to materialise. GDP growth in the euro zone lagged behind that of countries outside the single-currency area. Notwithstanding the complicated and asymmetric policy framework governing EMU, the responsible institutions have co-operated timely and smoothly during the international financial market crisis, trying to limit the damage for the financial sector as well as for business activity through a co-ordinated approach. For some countries outside the euro area, the common currency has gained attractiveness during the crisis.


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Status of publication Published
Affiliation WU
Type of publication eJournal article
Journal Austrian Economic Quarterly
Language English
Title Ten Years of EMU – Achievements, Weaknesses, Challenges
Number 1
Year 2009
Pages 49-72
URL http://www.wifo.ac.at/wwa/jsp/index.jsp?fid=23923&id=35601&typeid=8&display_mode=2


Breuss, Fritz (Details)
Department of Economics (Badinger) (Details)
Europainstitut (Badinger) (Former organization)
Research areas (ÖSTAT Classification 'Statistik Austria')
5115 European integration (Details)
5300 Economics (Details)
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