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Economic theory behind European Monetary Union (EMU)

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European economic integration has created the largest trading block in the World. The most recent phase of this integration is European Monetary Union whereby twelve EU member states have united to form a single currency area. These pages offer a concise explanation of the economic theory behind the key aspects.
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Problems of fixed exchange rates
Asymmetric Shock Diagram
Optimum Currency Areas
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Costs and Benefits of monetary integration
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The European Monetary System and anti-inflationary performance
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The transition to monetary union

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Fiscal policy and EMU

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The European Central Bank
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The costs of UK Policy "Prepare and Decide"

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Link to Yes Campaign

Page last modified March 2002.