engleski

Optimal monetary zone

In the 1990s, plans for the formation of the European Economic and Monetary Union (EMU) led to a renewed interest in the empirical and theoretical study of optimal currency areas (OCA) in Western Europe1, North America2 and partly in European transitional countries3 expecting to join the EU and the EMU. The EMU as a complex and long lasting project was realized successfully. In spite of this there are specific theoretical and especially practical aspects related to its monetary and exchange rate policies which are still a matter of research and various concerns. Different, often negative comments on European Central Bank (ECB) policy regarding the euro exchange rate development reflect practical and conceptual concerns related to the stability and future effectiveness of the EMU. Such concerns are often connected both to the EU enlargement and its expected impacts on the effective performance of the EMU in the future (Maloney and Macmillen, 1999).

optimal currency area (OCA); criteria for OCA

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