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As the euro is on its second decade, the European sovereign debt crisis and  the ever more evident disparities in competitiveness among member states are  prompting many to question whether monetary union is bringing more benefits  than costs. The optimum currency area (OCA) theory provides a framework with  several criteria for such analysis. In such context, we start by a  descriptive analysis of the first twelve euro countries under six criteria,  leading to a mixed conclusion on whether the EMU is closer or farther to  fulfil them. Then we assess the impact of five OCA criteria on countries’  relative competitiveness. Differences in the growth of unit labour costs,  the dissimilarity of trade and the differences in output growth were found  to be the most significant. This way, we identify some causes of the  divergent competitiveness between some EMU countries that contributed to  weaker economic growth in some of them

The euro area ten years after its creation: (Divergent) competitiveness and the optimum currency area theory