A schematic assessment of the current EMU as an OCA, considering additional criteria presented by economists other than Mundell:
The EMU is quite good in terms of ❌ (McKinnon 1963) and ❌ (Kenen 1969).
Although it is a condition to enter the EMU, it is lacking ❌ (Fleming 1971) and requires further ❌ (Ingram 1962) which did not work as expected.
Finally it is hindered by a very low level of ❌ (Mintz 1970) and ❌ (Tower and Willet 1976) as well as a ❌ (Kenen 1969).
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economic openness/trade integration
economic openness/trade integration
diversification production/consumption
diversification production/consumption
similarities of inflation rates
similarities of inflation rates
financial market integration
financial market integration
political integration
political integration
compatibility in preferences
compatibility in preferences
non-existent fiscal integration
non-existent fiscal integration