This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an application to the euro area. Accounting for a high degree of openness and a strong dependence on intra and extra union trade, we focus on the size and the direction of...

The merging and sustenance of the economies of different countries require the integration of several aspects of those economies, including price levels and money market activities. The member countries within the West African Monetary Zone have resolved to introduce a single currency, the ECO....