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The impact of EMU on growth in Europe

Author

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  • Iana Liadze
  • Ray Barrell
  • Dawn Holland

Abstract

Output growth in the Euro Area has been disappointing since the formation of EMU. This may be the consequence of the new monetary and exchange rate arrangements, but it is necessary to remove the effects of other factors such as the growth of labour input, skills, knowledge and risk premia. This paper undertakes a growth accounting exercises and an econometric investigation of the determinants of output in Europe and the US. It concludes that EMU has probably had a small positive effect whilst differences in the accumulation of skills and labour input growth explain much of the difference in performance across countries.

Suggested Citation

  • Iana Liadze & Ray Barrell & Dawn Holland, 2008. "The impact of EMU on growth in Europe," National Institute of Economic and Social Research (NIESR) Discussion Papers 314, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:314
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