prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be … as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional … arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency …

first analyse the development of the euro area from a historical perspective. They then examine the criteria for the first … been a year later. The authors go on to examine purely macroeconomic aspects of the euro area including: * the degree of … real convergence in the euro area * the short-run and long-run determinants of the euro area's current account * the euro …