Ten years after the start of EMU, the global financial market crisis is putting its viability to a test. In the absence of
other mechanisms to smooth such a shock, a higher degree of economic policy co-ordination and closer co-operation between
the euro area member countries and the ECB is urgently recommended. These steps could promote the necessary convergence towards
a "European business cycle".
Keywords:Harmonisation of the business cycle; Monetary Union; financial market crisis
Forschungsbereich:Makroökonomie und europäische Wirtschaftspolitik