This paper empirically assesses the impact of specialisation on the synchronisation of regional business cycles in two core countries of EMU, namely France and Germany. Several specialisation indices are introduced and some first stylised facts about interregional business cycle correlations are...

This paper explores the conflict of real and monetary convergence during the EMU run-up of the future Central and Eastern European (CEE) EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it compares the policy options which might make the compliance possible,...