While entering the euro area is obligatory for almost all EU members, choosing the right moment is a demanding task. There are several factors that affect the decision: •  the mobility of capital and labor and  •  the flexibility of domestic wages  are essential factors for gauging the readiness of a country to join monetary union.
The production of motor vehicles and parts fell by close to 15 percent during the first half of the year. Additional supply constraints started to become apparent as COVID-19 outbreaks further disrupted production of other goods in some countries. From there, evidence of transportation bottlenecks mounted with ocean shipping costs and port delays climbing in the spring.