Fortunately, Paul had wide-ranging research interests, so I had a lot to choose from. But he had clearly settled onto Canada–US relations, particularly trade issues, as a core interest. And, his first fulltime job was in monetary policy. So, today I have chosen to explore an issue he cared about deeply—cross-border trade integration—and to do so through the lens of a monetary policy practitioner.
We have not yet reached the point where we can be completely at ease about the strength of the euro area in the long term. It is essential that each country implements responsible policies. Economic policies and structural reforms need to be better coordinated, in the common interest, so that each economy becomes more resistant to shocks.