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Volume 54, March/April 2019, Number 2 · pp. 72-77


Understanding the Limitations of Maastricht

Daniel Gros

The first 20 years of the euro are not widely regarded as a resounding success. Many even argue that the Economic and Monetary Union (EMU) was a mistake, although most admit that the cost of dismantling the euro would be too costly. However, a closer look at the evidence reveals that it does not confirm the impression of a significant underperformance of the euro area.


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