Working Papers from American Institute for Contemporary German Studies-
The Maastricht Treaty assumes that a small "credible" group of countries will be able to adopt a single currency by the 1st of January, 1999, while the remainder retain their national monetary instruments. In this paper we accept the core/periphery distinction and examine the correlation and symmetry of shocks within and between groups. We discover that the core is no more an Optimal Currency Area than the periphery.
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