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 …

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 …