Lacking "Europeanisation" of National Business Cycles as a Risk for the Euro Area
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".