(2015), “Investigating Social Protection Convergence in the EU-15: A Panel Data Analysis”, European Research Studies Journal, vol. 0(2), pp. 79–96. 4 See Padoa Schioppa, T. (1982), “Capital Mobility: Why is the Treaty Not Implemented?”, in Padoa Schioppa, T.  (1994), The Road to Monetary Union in Europe (Oxford: Clarendon Press).)
5 Mundell, R., “Optimum Currency Areas”, luncheon speech at Tel Aviv University, 5 December 1997. 6 See Eichengreen, B. (2007), “The European Economy since 1945, Coordinated Capitalism and Beyond”,  Princeton University Press. 7 Real GDP per hour worked. 8 Reference period is 1979–1991, excluding Italy.