currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … integration, the euro?s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is …

the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for … within the euro area; a surplus of a country in a bilateral trade relationship is typically accompanied by a country …

of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade … imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness … within pairs of countries or in the overall trade competitiveness of individual countries. Intra-euro area imbalances also …

, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for … within the euro area; a surplus of a country in a bilateral trade relationship is typically accompanied by a country …