Gern, Klaus-Jürgen; Hammermann, Felix; Schweickert, Rainer - Institut für Weltwirtschaft (IfW) - 2004
expected gains from a monetary union are largely endogenous to credible, time-consistent domestic policies. Mere euro area … membership is not a replacement for that. However, monetary integration has a role in supporting such policies and completing … monetary integration, i.e., introducing the common currency can lock in the gains realized so far. The new member states made …