The assessment of 10 years of EMU is ambivalent. On the one hand, the introduction of the common currency has contributed
towards price stability and the euro has acquired a global status next to the dollar. Monetary Union has also stimulated cross-border
trade within the euro area. On the other hand, the expected growth "dividend" has so far failed to materialise. Despite the
complicated and asymmetric policy framework governing EMU, the responsible institutions have co-operated timely and smoothly
during the international financial market crisis, trying to limit the damage for the financial sector as well as for business
activity through a co-ordinated approach.
Keywords:European Economic; Monetary Union; EMU; Austria
Forschungsbereich:Makroökonomie und öffentliche Finanzen