functioning of EMU as an optimum currency area (OCA), that are difficult to reconcile with the sovereign debt crisis. We try to …-term fluctuations in the euro area have become more strongly correlated with financial variables like credit and house prices, and less …

This paper studies the process of business cycle synchronization in the European Union and the euro area. As our … in the core and peripheral members of the euro area. Our analysis of quarterly data covering the first two decades of the … euro area shows that there was a certain synchronization tendency in the first years of the common currency. However, the …

susceptibility to asymmetric shocks transmitted mostly through trade channels) - preparedness of the Polish economy to the euro … euro area members) and continues to rise. This confirms the increasing complementarity of Poland's economy with the … economic structures of the euro area partners which reduces the probability of asymmetric shocks. …

If there is a high level of synchronization among euro zone country housing markets, the European Central Bank can … harder time setting policy. Given the importance of housing to the macroeconomy, such co-movement across euro zone countries … are the first to use endogenous break methods to explicitly test for whether the introduction of the euro has changed home …

euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the …