Feedback mechanisms are the key to sequencing when it comes to regional integration; can mean that today's policy or institution alters the political-economy landscape in a way that makes it politically optimal for future governments to take further steps toward integration - even when these...

This paper reviews reassesses the methodology and principal findings of the "Rose effect", i.e. the trade effects of currency union, looking at both EMU and non-EMU currency unions. The consensus estimate suggests that the euro has already boosted intra-euro area trade by five to ten percent....