This paper focuses on the requirements and features of a successful monetary union on the basis of the optimum currency area theory, the “logical roadmap†for integration as proposed by Balassa as well as the economic and institutional framework of the European Economic and Monetary...

This paper focuses on the requirements and features of a successful monetary union on the basis of the optimum currency area theory, the “logical roadmap” for integration as proposed by Balassa as well as the economic and institutional framework of the European Economic and Monetary Union...