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But such discussions of "optimal currency areas" are academic.
He chose to do that by giving an erudite but yawnsome lecture on "optimal currency areas".
Few single countries would meet the academic criteria for optimal currency areas.
The unresolved question for both currency areas is how to make them work better.
A movable exchange rate is only any use if shocks are felt across entire currency areas.
Surprisingly, a review of major currency areas suggests that similarity is neither necessary nor sufficient for success.
Similar(19)
The EMU is not an optimal currency area.
"I see an incomplete currency area," he said.
Precisely the same mechanism operates within a unified currency area.
Plainly, it is far from being an optimal currency area.
America does not look like an optimal currency area either.
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