A decade ago, Martin Feldstein claimed that Economic and Monetary Union would create great tensions which could even lead to another war in Europe. Even if the doubts about the effects of the euro no longer lead to such extreme predictions, a certain pessimism nevertheless still exists. Most of it is unfounded.
New York: Federal Reserve Bank of New York, May (revised August 2019), https://www.newyorkfed.org/research/staff_reports/sr887.html. Reifschneider, David L., and David Wilcox (2020). “A Program for Strengthening the Federal Reserve’s Ability to Fight the Next Recession,” Working Paper Series 20-5. Washington: Peterson Institute for International Economics, March, https://www.piie.com/system/files/documents/wp20-5.pdf. Reifschneider, David L., and John C. Williams (2000).