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Towards EMU@10 - Research resources

This umbrella project embraced a wide array of research activities to mark 10 years of Economic and Monetary Union (EMU)

Archived. Final update 27 March 2009.

In May 2008, it was 10 years since the final decision in May 1998 to move to the third and final stage of EMU – together with the decision on which Member States would participate – followed by the launch of the euro on 1 January 1999.

The EMU@10 project had three dimensions:

  • assessing the economic achievements of the euro area’s first decade,
  • identifying current and future challenges, and
  • developing policy proposals in response to those challenges.

In addition to its large-scale internal research project, DG ECFIN involved leading external researchers and financed a series of essays and studies.


Economic Papers


  • 348 [2008] Costs and benefits of running an international currency - Elias Papaioannou (Dartmouth College and CEPR) and Richard Portes (London Business School and CEPR)

  • 347 [2008] The role of the euro in Sub-Saharan Africa and in the CFA franc zone - Martin Hallet, European Commission

  • 345 [2008] Global Impact of a Shift in Foreign Reserves to Euros - Fritz Breuss , Europainstitut and Department of Economics, Vienna University of Economics and Business Administration, Werner Roeger , European Commission, Jan in ’t Veld , European Commission

  • 344 [2008] Fiscal Policy, intercountry adjustment and the real exchange rate within Europe - Christopher Allsopp (University of Oxford) and David Vines (University of Oxford and Australian National University)

  • 343 [2008] Implications of EMU for Global Macroeconomic and Financial Stability - Björn Döhring and Heliodoro Temprano-Arroyo, European Commission

  • 341 [2008] How product market reforms lubricate shock adjustment in the euro area - Jacques Pelkmans (College of Europe and Vlerick School of Management), Lourdes Acedo Montoya (CEPS), Alessandro Maravalle (College of Europe)

  • 340 [2008] Mobility in Europe – Why it is low, the bottlenecks, and the policy solutions - Alexandre Janiak (Sciences Po, ULB and Universidad de Chile and Etienne Wasmer (Sciences Po, OFCE)

  • 338 [2008] Labour Markets in EMU – What has changed and what needs to change - Giuseppe Bertola (Università di Torino and CEPR)

  • 330 [2008] ECB Credibility and Transparency - Petra M. Geraats

  • 328 [2008] The Evolution of Economic Governance in EMU - P. van den Noord, B. Döhring, S. Langedijk, J. Nogueira Martins, L. Pench, H. Temprano-Arroyo and M. Thiel

  • 324 [2008] Defying the 'Juncker Curse’: Can Reformist Governments Be Re-elected? - Marco Buti, Alessandro Turrini, Paul Van den Noord, and Pietro Biroli

  • 323 [2008] Fiscal policy and the cycle in the Euro Area: The role of government revenue and expenditure - Alessandro Turrini

  • 321 [2008] Study on the Impact of the Euro on Trade and Foreign Direct Investment - Richard Baldwin, Virginia DiNino, Lionel Fontagné, Roberto A. De Santis and Daria Taglioni

  • 318 [2008] The Impact of EMU on Growth and Employment - Ray Barrell, Sylvia Gottschalk, Dawn Holland, Ehsan Khoman, Iana Liadze and Olga Pomerantz

  • 317 [2008] The international role of the euro: a status report - Elias Papaioannou and Richard Portes

  • 316 [2008] Government size and output volatility: should we forsake automatic stabilization?- Xavier Debrun, Jean Pisani-Ferry and André Sapir

  • 314 [2008] The ECB and the bond market - Carlo Favero and Francesco Giavazzi

  • 312 [2008] Financial Market Integration under EMU - Tullio Jappelli and Marco Pagano

  • 311 [2008] Economic governance in an enlarged euro area - Iain Begg

  • 310 [2008] Taxation Policy in EMU - Julian Alworth (Said Business School Oxford University and Econpubblica – Università Bocconi) and Giampaolo Arachi (Università del Salento and Econpubblica – Università Bocconi)

  • 309 [2008] The Impact of the Euro on International Stability and Volatility - Stefan Gerlach and Mathias Hoffmann

  • 308 [2008] A Modern Reconsideration of the Theory of Optimal Currency Areas - Giancarlo Corsetti

  • 307 [2008] A Long Term Perspective on the Euro - Michael Bordo and Harold James

  • 306 [2008] EMU’s Decentralized System of Fiscal Policy - Jürgen von Hagen and Charles Wyplosz

  • 305 [2008] Coordination without Explicit Cooperation: Monetary-Fiscal Interactions in an Era of Demographic Change - Andrew Hughes Hallett

  • 304 [2008] Euro Area Enlargement and Euro Adoption Strategies - Zsolt Darvas and György Szapáry

  • 303 [2008] Sui Generis EMU - Barry Eichengreen

  • 302 [2008] European Economic and Monetary Integration, and the Optimum Currency Area Theory - Francesco Paolo Mongelli

  • 301 [2008] The effectiveness and efficiency of public spending - Ulrike Mandl, Adriaan Dierx and Fabienne Ilzkovitz

  • 300 [2008] Government expenditure and economic growth in the EU: long-run tendencies and short-term adjustment - Alfonso Arpaia and Alessandro Turrini

  • 299 [2008] Hedging and invoicing strategies to reduce exchange rate exposure – a euro-area perspective - Björn Döhring

European Economy Research Letter


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