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1. A Theory of Optimum Currency Areas,” Mundell RA.  American Economic Review 51(4), September 1961, pp. 657–665; “Optimum Currency Areas,” McKinnon RI. American Economic Review 53(4), September 1963, pp. 717–724; “The Theory of Optimum Currency Areas: An Eclectic View Semantic Scholar,” Kenen P. In Monetary Problems of the International Economy, Mundell RA, Swodoba AK, editors. University of Chicago Press, 1969. Go to ⤴︎
2. Regional Labor Market Dynamics in Europe,” Decressin J, Fatás A. European Economic Review 39(9), December 1995, pp. 1627–1655. “Regional Non-Adjustment and Fiscal Policy,” Obstfeld M, Peri G, Blanchard OJ, Fatás A. Economic Policy 13(26), April 1998, pp 205–259. Go to ⤴︎
3. Fiscal flows in the United States and Canada: Lessons for monetary union in Europe,” Bayoumi T, Masson PR. European Economic Review 39(2), February 1995, pp. 253–274. Go to ⤴︎
4.  Later estimates find that 4 percent9% of an unemployment shock is absorbed by the automatic stabilizers in the euro area, whereas the figure for the US is 32%. “Automatic Stabilizers in the Eurozone: Analysis of their Effectiveness at the Member State and Euro Area Level and in International Comparison,” Dolls M, Fuest C, Kock J, Peichl A, Wehrhöfer N, Wittneben C. Center for European Economic Research, November 2014. Go to ⤴︎
5. Private and Public Risk Sharing in the Euro Area,” Cimadomo J, Ciminelli G, Furtuna O, Giuliodori M. European Economic Review 121, January 2020, 103347. Go to ⤴︎
6. Meta-analysis by Campos et al. (2017) that encompasses the estimates, design and estimation characteristics of more than 60 studies on business cycle correlations between EU countries. “Business Cycle Synchronisation in a Currency Union: Taking Stock of the Evidence,” Campos N, Fidrmuc J, Korhonen I. Bank of Finland Research Discussion Paper 28, September 2017. Go to ⤴︎
7. Labour Market Adjustments and Migration in Europe and the United States: How Different?,” Beyer RCM, Smets F. Economic Policy 30(84), October 2015, pp. 643–682. Go to ⤴︎
9. 2023 Strategic Foresight Report,” European Commission, July 2023. Go to ⤴︎
10.  “A Green Fiscal Pact: Climate Investment in Times of Budget Consolidation,” Darvas Z, Wolff GB. Policy Contribution (18), Bruegel, September 2021. Go to ⤴︎
11. Taking Stock of the Functioning of the EU Fiscal Rules and Options for Reform,” Kamps C, Leiner-Killinger N. ECB Occasional Paper Series No. 231, August 2019. Go to ⤴︎

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