Hein, Eckhard; Truger, Achim - EconWPA - 2005
It is by now widely accepted that the structural characteristics of the countries to become the euro area did not … and on convergence across the euro area are analysed. It is concluded that not only the period of nominal convergence … towards EMU but also the initial period of the euro area has suffered from a rather restrictive macroeconomic policy mix which …