Goodhart, C. A. E.; Lee, D. J. - London School of Economics (LSE) - 2013
-area. We focus on three badly affected states, Arizona, Spain and Latvia, to examine the working of relative adjustment … mechanisms within the currency region. We concentrate on four such mechanisms, relative wage adjustment, migration, net fiscal … flows and bank flows. Only in Latvia was there any relative wage adjustment. Intra-EU migration has increased, but is more …