2  Garcia-Herrero, Gaspar, Hoogduin, Morgan and Winkler (2001) Introduction of volume with Conference Proceedings, in Why Price Stability, First ECB Central Banking Conference, European Central Bank.
3  In June 2005, the ECB held a workshop on “What effects is EMU having on the euro area and its member countries?” The workshop was organised in five areas: 1) trade integration; 2) business cycle synchronisation, economic specialisation and risk sharing; 3) financial integration; 4) structural reforms in product and labour markets; and 5) inflation persistence.