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Euro-skeptics continue to argue that the discrepancies between national business cycles are too wide, and that a common European monetary policy cannot work in the long run. The laboriously accomplished monetary stability will therefore not be able to last, high rates of inflation and a “soft” euro will, in the long run, be the inevitable consequences. The empirical evidence given in the following article supports a different view: not only has there been a strong correlation of business cycles in Euroland over the past decade, but there are also a multitude of forces that are working towards further convergence.

One fits all in the EMU? One monetary policy for eleven countries