Titlebook: European Monetary Union; Transition, Internat Paul J. J. Welfens Conference proceedings 1997 Springer-Verlag Berlin Heidelberg 1997 Auenwir

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Introduction ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U.S. 8%). The share of the U.S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%.

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Does a Core-Periphery Regime Make Europe into an Optimal Currency Area?ks across the union; and on the equality in impact and timing of the transmission of policy changes or external shocks. We apply these results to ask if the core-periphery distinction is the appropriate response to the difficulty of creating a monetary union in Europe. Does Europe really have a bett