A meta-analysis of business cycle correlation between the euro area and CEECs: What do we know - and who cares?

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Fiscal Policies and Business Cycles in an Enlarged Euro Area (2008, background): “There is extensive literature discussing whether the expanded European Union constitutes an optimal currency area and, in particular, whether the business cycles across the member countries are converging; see, for example, Korhonen (2003), Frenkel and Nickel (2005), and Fidrmuc and Korhonen (2006)”
Will business cycles in the Euro Area converge: a critical survey of empirical research (2008, background): “For instance, Frankel and Rose (1998) employ total trade between two countries scaled by total GDP or total trade.”
The Reaction of Asset Prices to Macroeconomic Announcements in New EU Markets: Evidence from Intraday Data (2009, background): “(1996), Patelis (1997), Siklos and Anusiewicz (1998), Flannery and Protopapadakis (2002), Gurkaynak et al. (2004), Nikkinen and Sahlström (2004), Bredin et al.”
Specialisation and Convergence in European Regions (2007, background): “The lowest correlations, close to zero, are found in the Baltic states (Darvas and Szapáry, 2005; Fidrmuc and Korhonen, 2006).”