Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to … precisely that. In brief, the euro zone still falls short as an optimal currency area in most respects. In particular, an … assertions that the euro will force a liberalization of labor markets, so that they can serve as the principal vector of …

one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate … countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless, as exchange rate … stabilization against the euro is pursued with different degrees and with different long-term drifts, intra-regional exchange rates …

have had even worse results for Germany. Fragility and divergence undermine the euro’s long-term survival. …

integration, successfully integrating into the group of EMU member-states. However we can point to a decrease in Portuguese …

money in the future. If the euro continues to exist for the next half century or so and has a relatively stable value, we … conclude that the euro is likely to be serious competition for the dollar as the international money. …