By Juan R. Cuadrado-Roura, Marti Parellada

The creation of the one forex within the ecu fiscal house constitutes absolutely the main noticeable step in the direction of financial and monetary integration within the european. those that boosted the delivery of the typical marketplace in 1957 dreamt that this might in the future take place as a logical outcome of the mixing approach. despite the fact that, issues have long past even more slowly than in all probability imagined, even though if taken in an enough ancient standpoint, it really is indisputable that the agreements that experience ended in eu financial Union symbolize a truly bold leap within the technique of political and fiscal integration in Europe. this can be whatever many doubted may ever ensue, yet that is already a truth, even if nonetheless wanting a interval of consolidation. the main normal fiscal effects of the EMU have already been analysed in massive intensity. facts of this is often the literature already on hand. mostly, there's accident in asserting that the stability of the implications anticipated is obviously confident. to start with, a result of expected earnings in potency, a end result of relief of transaction bills linked to the former life of alternative currencies and of the removal of trade cost uncertainties.

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Sample text

Finally, results on productive structure show that a great part of the gains experienced by some regions were due to internal restructuring processes. Generally, this has led to a clear tertiarization of their economies, although this is not and homogeneous process in all regions. Practically all winning regions show an important increase of tertiary activities with a positive influence in their total labour productivity, whereas the majority of losing regions show a much slower increase of services in their production structure.

Evidently, it will be very difficult to reach a Paretian optimum, so winning and losing regions will inevitably appear (Mancha-Navarro, 2001). However, it seems that peripheral areas (Southern Europe and Ireland), with a lower degree of specialisation, low markets flexibility and a lower competitive level, are those that run a greater risk in the present context of 46 Juan R. Cuadrado-Roura eta!. monetary integration. On the other hand, a good number of central zones (mainly located in Germany, Luxembourg, The Netherlands, France and Denmark) may initially be more favoured by the EMU because of having the opposite economic characteristics of those of the peripheral areas.

NUTS 1 for Germany -excluding the new lander- (11), United Kingdom (12) 5 , the Netherlands (4), Belgium (3) and Portugal -excluding Madeira and Azores- (5). 3. The whole country in the cases of Denmark, Ireland and Luxembourg. After selecting a total of 110 European regions, the analyses described in the previous section were performed for a set of economic indicators for the period 1977-98. The main variables used were the original GDP and GVA at market prices in current ecus, later on converted into 1985 constant ecus through the homogeneous application of a single deflator (European Union consumer price index based on 1985).

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