Economic and Monetary Union is an unprecedented event in the monetary history of Europe. The eurozone since its creation 13 years ago expanded to 17 Member States and functioned relatively smoothly up to the outset of the global financial crisis. Only the severity of the subsequent eurozone...

In this paper, the author distinguishes the main ideas of the theory of Optimal Currency Area (OCA). This work explains the main features, which help to understand the differences between an Optimum Currency Area and Currency Union. This paper also itemizes main benefits and costs for countries...

The accession of Central European countries to the European Union implies the possibility of euro area membership once the Maastricht nominal convergence criteria will be met. This raises the question about costs and benefits of an enlarged euro area. In particular, the prospects for structural...

The accession of Central European countries to the European Union implies the possibility of euro area membership once the Maastricht nominal convergence criteria will be met. This raises the question about costs and benefits of an enlarged euro area. In particular, the prospects for structural...

This paper surveys the optimum currency area (OCA) literature. It is organised into four phases: the 'pioneering phase' which put forward the OCA theory and its properties, the 'reconciliation phase' when its diverse facets were combined, the 'reassessment phase' that led to the 'new OCA theory'...

This paper surveys the optimum currency area (OCA) literature. It is organised into four phases: the 'pioneering phase' which put forward the OCA theory and its properties, the 'reconciliation phase' when its diverse facets were combined, the 'reassessment phase' that led to the 'new OCA theory'...