The economics of international integration

By M. JovanoviÄ. 2006

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European Economic and Monetary Integration, and the Optimum Currency Area Theory (2008, methodology): “49 on “endogeneity of OCA” launched by Frenkel and Rose, some studies followed using European data. Using the gravity model Micco, Stein and Ordonez (2003) found that bilateral trade among euro-area countries rose 5 to 20 per cent compared with the bilateral trade between countries that had not adop”
The Classification and Performance of Alternative Exchange-Rate Systems (2008, background): “In the case of monetary unions, the use of the standard instruments of monetary policy is consigned to the community and exercised solely by its monetary authority, leaving no room for the exercise of monetary policy by the individual member economies (Robson, 1998).”