The financial and economic crisis after year 2007 had an asymmetric impact on the countries of the European Union. While some reasons for this asymmetries are identified, some others remain far from being clearly and openly expressed. In particular, it is not quite obvious why some countries...

This paper is intended to theoretically present divergent business cycles as effects of a monetary union, even in the absence of asymmetric, exogenous shocks. The main inference form the model developed in this paper says that microeconomic optimization may lead to sub-optimal macro states and...