Acknowledgments ix Introduction 1Alberto Alesina and Francesco Giavazzi 1. The Breakup of the Euro Area 11Barry Eichengreen Comment: Martin Feldstein 2. The Euro and Structural Reforms 57Alberto Alesina, Silvia Ardagna, and Vincenzo Galasso Comment: Otmar Issing 3. The Euro and Firm Restructur Matteo Bugamelli, Fabiano Schivardi, and Roberta Zizza Comment: Gianmarco I. P. Ottaviano 4. Business Cycles in the Euro Area Domenico Giannone, Michele Lenza, and Lucrezia Reichlin Comment: Tommaso Monacelli 5. The Estimated Trade Effects of the Euro: Why Are They Below Those from Historical Monetary Unions among Smaller Countries? Jeffrey Frankel Comment: Silvana Tenreyro 6.

A New Metric for Banking Integration in Europe Reint Gropp and Anil K Kashyap Comment: Loretta J. Mester 7. Why the European Securities Market Is Not Fully Integrated Alberto Giovannini Comment: Richard Portes 8. The Euro and Fiscal Policy Antonio Fatás and Ilian Mihov Comment: Roberto Perotti 9. How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond Stephen G. Cecchetti and Kermit L. Schoenholtz Comment: Pervenche Berès 10. Reevaluating Swedish Membership in the European Monetary Union: Evidence from an Estimated Model Ulf Söderström 11.

Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model Riccardo DiCecio and Edward Nelson Comment on Chapters 10 and 11: Carlo A. FaveroContributors Author Index Subject Index.