In addition to this evidence, it can been argued that analysing the evolution of the euro area economies only over the years preceding monetary union in order to gain insights into likely future developments can be misleading.
Indeed, their entry into a currency union may well have fostered economic integration, enhanced intra-area trade and, with the increased interdependence, raised the degree of synchronisation of the participating countries' macroeconomic fluctuations. In addition, the adoption of the same currency eliminated one source of major external instability which affected euro area economies in the past, namely exchange rate shocks of significant magnitude.