Real Convergence in a Monetary Union

Horst Tomann

Chapter Lecture 7 in Monetary Integration in Europe, 2007, pp 121-134 from Palgrave Macmillan

Abstract: Abstract When the European Economic and Monetary Union was established in 1999, the entry ticket consisted of a set of criteria requiring monetary convergence of accession countries. Since there was no demand for ‘real convergence’ in the set. the EMU had from its very beginning to live up to the critique that from an economic point of view it was ‘a bad idea’. That critique has been continued until recently, pointing at the lack of ‘a substantial measure of homogeneity in the economic structure of its member states’ (OECD 2005), increasing asymmetries (Portes 2001) and the lack of resilience (OECD 2006).

Keywords: Foreign Direct Investment; Euro Area; Real Exchange Rate; Real Wage; Real Interest Rate (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-28862-1_7

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DOI: 10.1057/9780230288621_7

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