Perspectives for the Eurozone, Short Term and Long Term
Perspectives for the Eurozone, Short Term and Long Term

Summary/Abstract: For a common currency area to be fully successful over a long period of time, it must meet several economic, institutional and political conditions. From the day the euro was introduced on 1 January 1999, it was widely recognised that there might, and even certainly would be problems in meeting all these conditions in the euro area. Still, until the arrival of the world financial crisis in the summer of 2008, the euro monetary union had functioned quite well, perhaps even better than might have been expected.

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