The ECB's Dilemma in View of the European Monetary Union: The Case of Germany and Spain
In the post-crisis environment the discussion about the optimal monetary policy in the Euro Area (EA) is an important topic. A number of scholars have argued that a big part of the problem of the EA is the currency union, because Europe is too heterogeneous for a currency area. This paper asks what impact the existence of the currency union has had on the effectiveness of monetary policy in the EA