Consequences of the Euro: Monetary Union, Economic Disunion?

TLDR: The experience of the euro area shows in the years following the global financial crisis shows that there are significant costs associated with the loss of monetary policy independence and exchange rate flexibility as discussed by the authors.

Abstract: Forming a monetary union brings the benefits of a shared currency but also—as the experience of the euro area shows in the years following the global financial crisis—significant costs associated with the loss of monetary policy independence and exchange rate flexibility.