Abstract
Since the mid-1990s new developments in the theory of optimum currency areas have set forth an equilibrium approach that, in contrast with the traditional view stemming from Robert Mundell's seminal paper, considers the optimality criteria as the product of equilibrium forces and therefore endogenous. Notwithstanding their different characteristics, however, these alternative approaches are both useful to tackle different policy issues relating to the transition stage and the long-run operation of monetary unions. JEL Codes: F33
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