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Willem F. Duisenberg Fellow (15 March 2012 - 30 June 2012)
The introduction of the Euro has produced mixed results for the European economy. On the positive side, its adoption went much more smoothly than anticipated by many critical observers; as was the degree of success in achieving price stability. On the negative side, we are now increasingly aware that the strong convergence in interest rates in Euros across countries acted as a destabilising factor in the process of economic convergence.
Inefficiently low interest rates and the differing spread compression between countries (a phenomenon by no means unique to Europe) favoured excessive borrowing and thus the emergence of large imbalances in the Euro area, eventually leading to the current crisis.
The goal of the project is to develop a general model of currency integration focusing on key financial and real imperfections as key challenges to the design of policies and institutions at national and union-wide level.
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