Schnabl, Gunther; Zemanek, Holger - 2010
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the … financial risk, but would also impose austerity on the rest of Europe. The resulting new wave of crisis could trigger a new … round of monetary expansion in the EMU. -- monetary union ; German unification ; asymmetric shock ; current account …