Optimum Currency Areas Theory: Economic Foundation for Monetary Unification

Voinea Gheorghe and Avãdanei Andreea ()
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Voinea Gheorghe: “Alexandru Ioan Cuza” University of Iasi
Avãdanei Andreea: „Alexandru Ioan Cuza” University of Iasi, Doctoral School of Economics

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 2315-2320

Abstract: The aim of the present paper is to highlight the optimum currency areas (OCAs) theory contribution to the development of European monetary unification. In order to point out its implications, we structured our research on two parts. The first one illustrates the main achievements and limits of monetary cooperation at European level and the second analyses OCA theory’s influence on Economic and Monetary Union (EMU). We conclude by saying that this theory could not provide a clear answer about the optimality degree of EU as currency area. We also consider the European model as a laboratory test of OCA proprieties defined by Mundell, McKinnon and Kenen.

Keywords: Economic and Monetary Union; optimum currency area; single market; common currency. (search for similar items in EconPapers)
JEL-codes: E40 E42 F33 G15 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:11:y:2011:i:1:p:2315-2320

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