The four unions “PIE” on the Monetary Union “CHERRY”
This paper presents a European Index of Regional Institutional Integration (EURII), which maps developments in European integration from 1958 to 2014
Abstract
This paper presents a European Index of Regional Institutional Integration (EURII), which maps developments in European integration from 1958 to 2014 on the basis of a monthly dataset.
EURII captures what we call: (i) the “Common Market Era”, which lasted from 1958 until 1993; and (ii) the first twenty years of the “Union Era” that started in 1994, but gained new impetus in response to the euro area crisis.
The paper complements the economic narratives of the crisis with an institutional approach highlighting the remedies to the flaws in the initial design of Economic and Monetary Union (EMU)
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