Graph 3 Migration and house prices  The price signals given by the housing market thus have to be treated with caution. Compared to markets for financial assets, the housing market is relatively slow to adjust, with long and variable  2  6  Bordo and Jeanne (2002).
On the one hand, especially for smaller countries, sharing sovereignty over monetary policy is a way to regain sovereignty. Rather than having their monetary policy effectively determined by a larger neighbour, they can participate on equal terms in decision-making for the entire euro area. The removal of exchange rate uncertainty also yields immediate benefits in terms of reduced risk premia.