1. Eurozone Crises -- 2. An 'Optimal' Currency Area: What Could it Mean? -- 3. Why was the EMU Established?: Different … Perspectives -- 4. Balance of Payments Imbalances have Become the Achilles Heel of the EMU -- 5. Public Sector Deficit and Debt … introduction of the European Monetary Union (EMU) has had on Euro area countries. Particular attention is given to balance of …