They have both shown that cross-border risk-sharing has improved during the past decade and that EMU has given a major stimulus to this. Our own calculations on the German home bias point in the same direction. These approaches, therefore, allow us to conclude that EMU has welfareenhancing effects.
The Eurosystem will do its best to make them come to the fore with full force in the years to come. BIS Review 139/2008  7