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A history of the European core and its periphery: How an optimal currency area forms

Nauro Campos, Corrado Macchiarelli, (2018), «A history of the European core and its periphery: How an optimal currency area forms», VoxEU, 12 Μαρτίου

The concepts of core and periphery remain ubiquitous and elusive in the European integration debate. This column documents the formation and evolution of a core and periphery in EMU, unearthing an increasingly integrated core, an entrenched periphery, and a third set of countries marked by in-and-out movements.  Using a novel measure to capture the probability of a country being classified as peripheral, it reveals that this probability positively correlates with euro membership and flexible product market regulations.

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