The theory of the optimal monetary areas and the asymmetric shocks into the european union

Abstract

The article first analyses the theory of the optimal monetary areas, from the work of Mundell until today. Then, from the theoretical teachings collected in the theory of the optimal monetary areas, it is tested if they are applicable or not to the European Union. Subsequently the article approaches the costs and benefits involved in the creation of the Economic and Monetary Union of the European Union. Finally a synthetic overview of the asymmetric shocks in the European Union, a mainly empirical question, is presented.