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identifier to cite or link to this item: Title:The Euro-project
at risk PDF Logo Authors:Hankel, Wilhelm Hauskrecht, Andreas
Stuart, Bryan Issue Date:2010 Series/Report no.:ZEI-working
paper B 04-2010 Abstract:In contrast to Robert Mundell's Optimum
Currency Area theory and his recommendation of forming a
monetary union, the economic fundamentals of Euro area member
countries have not harmonized. The opposite holds: the Euro core
countries - most of all Germany, but also the Netherlands and
Finland - increased productivity growth while limiting nominal
wage growth. However, Mediterranean countries - particularly
Greece, but also Spain, Portugal, and Italy - have dramatically
lost international competitiveness. Although the overall balance
of payments for the Euro area at large i