Price Convergence under EMU? First Estimates

Abstract

Does a common currency lead to greater market integration? Certainly European policy-makers seemed to be convinced that it does, when they set out on the Maastricht agenda to create the economic and monetary union (EMU). Despite considerable scepticism throughout the first two stages, the third and final stage of monetary union started successfully in 1999, when the exchange rates of the participating countries were permanently fixed against the euro. This chapter examines to what extent price differences in the eurozone narrowed as a result of the introduction of the single currency: has ‘one money’ really supported the creation of ‘one market’? These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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