The main issue in the early years of EMU is one of credibility. On one hand, high exposure to asymmetric shocks and low … adaptability (be it in terms of stabilization or adjustment) to both symmetric and asymmetric shocks make the early years of EMU … potentially problematic. On the other hand, significant economic differences between EMU countries raise questions regarding the …

policy, where the main features characterizing the policy-making are similar to those in EMU. National governments choose the …

in the Council of Ministers, restructuring the ECB's Governing Council, and the setting of enlargement “examination … democratic legitimacy in an EU 27. We believe, however, that the impact of enlargement on the ECB's Governing Council merits also … negatively to the possibility of a dysfunctional ECB; the Nice summit should request the ECB to propose some solutions. Finally …

We explore the impact of European monetary union (EMU) on the economies of the member countries. While the annual … euro area have been much more persistent, such that cumulative intra-EMU real exchange rate movements have been quite … substantial. EMU has indeed contributed to greater economic integration - however, economic linkages with the rest of the world …

ECB for the common currency area as a whole combined with the persistence of real exchange rate and current account …