The consensus back in 2008 – ten years after the introduction of the euro – was that the adoption of a common currency … had made a limited impact of around 2% in total on the trade flows of the first wave of euro area countries (Baldwin et al …., 2008). Since then, six more countries have joined the euro area, and firms have internationalised their production …

member countries in regard to economic policies, and ensuring smooth operation of a single market in the region. Two decades … of history confirm the stability of the euro as a single currency in the region and it is seen as a great achievement of …