Costs of Euro Adoption

Funny how harshly time deals with economics textbooks sometimes.

From: Artis and Nixson, Eds, The Economics of the European Union. 2007.

“Gains from Euro adoption come at the expense of relinquishing monetary policy as a stabilization tool. [...] One early [...] study for the fourt large EU-15 countries found that, in comparison with a free float, EMU would reduce [...] output variability.“

GDP per capita:

all data from Eurostat

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