THE APPROACH OF THE EUROPEAN MONETARY UNION THROUGH THEORETIC MONETARY AREAS
THE APPROACH OF THE EUROPEAN MONETARY UNION THROUGH THEORETIC MONETARY AREAS

Summary/Abstract: The project of setting up the European Monetary Union has stimulated interest in theoretical and empirical research on optimum currency areas. The analysis of the monetary unification in Europe has as a starting point the theory of optimum currency areas. The European Monetary Union represents a major step in the integration of EU economies both in economic and monetary plan. The introduction of the euro in the new EU member states in Central and Eastern Europe raises important questions about the widening and deepening of the European Union and the Eurozone. These questions focus on Europeanization and convergence characteristics existing in the main areas of microeconomic policies and widening Eurozone implications for the future development of the EU. Considering these aspects, the authors intended to answer in this paper to some of these questions. In this study we also analyze the theory of optimum currency areas following a logical approach and not just chronological, instead of examining each contribution as recorded time, as have done it many other authors before. The present research is a theoretical type of research, the implementation of which was aimed specifically replying to the question whether European Monetary Union can be considered a currency area optimal. The answer to this question was given by achieving a Schematic of the main positive and negative aspects that can characterize a hypothetical budget consists of benefits and costs of committing to a monetary union among several countries.

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