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the REER Developments. Krugman, P. (1993): Lessons of Massachusetts for EMU. In: Giavazzi, F. - Torres, F. (eds): The Transition to Economic and Monetary Union in Europe. New

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. Monetary Problems of the International Economy 1969 Krugman, P. (1990): Policy Problems of a Monetary Union. In: Grauwe, P. de

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delves into the advantages of an MSTL solution for resolving contentious migration and monetary union disputes. Section 5 surveys competing proposals. Section 6 showcases the advantages of MSTL, and Section 7 concludes. 2 Setting the stage The EU

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background by discussing the role of prices in a monetary union. In addition, it provides a brief overview of the related empirical literature. Section 3 presents the methodology and data. Findings are explained in Section 4 which first examines the

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. ( 1993 ): Shocking Aspects of European Monetary Unification . In: Torres , F. – Giavazzi , F. (eds): Adjustment and Growth in the European Monetary Union . Cambridge University Press, 193

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Exchange Rate Misalignment in the Euro Area . Review of International Economics , 24 ( 1 ): 37 – 66 . European Commission ( 2015 ): Completing Europe’s Economic and Monetary Union. Report by Jean-Claude Juncker, in close

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Policy Brief , No. 204 . European Commission ( 2017 ): Reflection Paper on the Deepening of the Economic and Monetary Union . Brussels, May 31

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bailouts in the context of a monetary union and also to spot the key events as a basis for our detailed event set. Chapter 3 describes this set, along with the methodology, data and variables used to produce model outputs. Results and limitations are

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Mosler (2008) that limit rentier income “at the source”. However, a most important matter to consider is how to incentivize the politicians. A possibility in that direction is to increase the role of governors/leaders of states within the monetary unions

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Debts, crises and competitiveness

Interview with Ángel Gurría, Secretary-General of the OECD

Society and Economy
Authors: László Andor and Tamás Pesuth

In this interview, Ángel Gurría looks back at a decade of financial and economic crisis and draws conclusions for macroeconomic policy. What concerns the European Economic and Monetary Union, he stresses the need to further improve the shock absorption capacity of the single currency. He insists that the OECD remains committed to going beyond GDP, and this is particularly relevant at a time when a new Jobs Strategy is being developed. He also highlights some key chapters in the 22 year long cooperation between the OECD and Hungary.

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