Optimal Currency Areas and the Euro, Volume I

This book analyses business cycles synchronization in the Euro Area (EA), one of the 3 criteria that define Optimal Currency Areas (OCAs). Even before its launch, economists questioned whether the EA has what it takes to become an OCA. The onset of the sovereign debt crisis in 2010 confirmed the challenges relating to its construction. But did the EA change over time, and what key drivers may be necessary in the future to strengthen the common currency?

Argues that a central monetary authority should be able to adjust the economy's interest rates if economic synchronization is strong Describes the academic concerns about the lack of synchronised business cycles in the Euro Area Discusses the evolvement towards more synchronization of business cycles in both Euro and non-Euro countries Explores financial integration as a driver for business cycle synchronization Offers policy recommendations with the objective of increasing future economic synchronization

Autorentext

Johannes Kabderian Dreyer is an Associate Professor of Financial Economics at Roskilde University, Denmark. He earned his bachelor's degree in Economics and his master's in Finance at the Pontifical Catholic University of Rio de Janeiro, Brazil. He received his doctorate in Financial Economics from the Catholic University of Eichstätt-Ingolstadt, Germany.

Peter **Alfons** Schmid is a Professor of Business Administration at the FOM University of Applied Sciences, Germany. He holds a diploma degree and doctorate from the Catholic University of Eichstätt-Ingolstadt, Germany. He was a teaching and research assistant, worked as a professional at global and regional accounting firms and developed a tech start-up.

Inhalt
Chapter 1: Introduction.- Chapter 2: Literature Review and Theory.- Chapter 3: Descriptive and Quantitative Analyses.- Chapter 4: Recommendations and Conclusion.