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Living on the Border of a Currency Union

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Abstract

Countries joining the European Union after the establishment of Economic and Monetary Union and passing of the Maastricht Treaty could have no say on the design and rules of the Euro zone. They could only enter the zone as it existed, or postpone entry, perhaps in fact indefinitely. The European Far North, member countries north of Germany and around the Baltic Sea, offers a fascinating natural experiment: why did very similar countries come up with a wide variety of solutions? Further, did the institutional choice have an evident impact on the relative economic performance of the countries?

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References

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Acknowledgements

This paper is based on the Presidential address to the 2013 Annual Meeting of Association of Comparative Economic Studies, which was presented on 5 January 2013 in San Diego, California. Sixten Korkman, Antti Suvanto and Vesa Vihriälä are thanked for sharing data and more. Neither they, the Bank of Finland, for which the author worked fron 1990–2011, nor other European authorities bear any responsibility for the interpretations offered here.

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  1. Aalto University School of Business, Stromsintie 33, Helsinki, 00930, Finland

    Pekka Sutela

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  1. Pekka Sutela
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Sutela, P. Living on the Border of a Currency Union. Comp Econ Stud 55, 549–556 (2013). https://doi.org/10.1057/ces.2013.25

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  • DOI: https://doi.org/10.1057/ces.2013.25

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