This paper studies the process of business cycle synchronization in the European Union and the euro area. As our … in the core and peripheral members of the euro area. Our analysis of quarterly data covering the first two decades of the … euro area shows that there was a certain synchronization tendency in the first years of the common currency. However, the …

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 …