Tradičný a alternatívny pohľad na synchronizáciu hospodárskych cyklov v Európskej únii[Traditional and Alternative Look at the Business Cycle Synchronisation in the European Union]

The aim of the paper is to present traditional and alternative look at the evolution of business cycle synchronisation in the European Union throughout four periods determined according to integration process. Gradually we apply cross-correlations and rather alternative minimum spanning tree method to evaluate synchronization process and core or peripheral countries. An endogeneity argument and decreasing asymmetries among integrated countries were confirmed with a light rupture during financial and economic crisis. Position of France and Germany as core countries was corroborated. However, single monetary policy should be implemented according to average macroeconomic evolution in the euro area and not according to particular situation in France and/or Germany which could be inappropriate for certain countries.