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My own judgement is that, on balance, a European Monetary Union (EMU) would be an economic liability. The gains from reduced transaction costs would be small and might, when looked at from the global point of view, be negative. At the same time, EMU would increase cyclical instability, raising the cyclical unemployment rate (Feldstein, 1997).

One ‘Monetary Giant’ with Many ‘Fiscal Dwarfs’: The Efficiency of Macroeconomic Stabilization Policies in the European Monetary Union