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WHY EUROPEAN UNION IS NOT AN OPTIMAL CURRENCY AREA: THE LIMITS OF INTEGRATION

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Abstract (2. Language): 
Currency regimes and their effects have been studied widely in both developed and developing countries. This study discusses what European monetary unification is telling about the interpretation of the optimum currency area (OCA) in the framework of classical contributions to the literature. The study concludes that although several weaknesses of the analytical framework of the early OCA theory have been modified and some of the OCA properties have technically sophisticated, there is no unified theory in this area. The experiment of Europe with economic and monetary union intensify this conviction. Moreover, it concludes that a single currency advances members’ living standarts when they have similar economic structures and international trading patterns, but proves detrimental when these diverge. Therefore, it can be said that the enlargement process with the new candidate countries including Turkey puts forward both opportunities and threats for the future of European Union in terms of achieving a currency union.
Abstract (Original Language): 
Para rejimleri ve onların etkileri hem gelişmiş ülkelerde hem de gelişmekte olan ülkelerde geniş bir şekilde tartışılmaktadır. Bu çalışma Avrupa’nın parasal bütünleşmesinin optium para alanı (OPA) açısından anlamını literatrüre yapılan klasik katkılar çerçevesinde tartışmaktadır. Çalışma, OPA’nın temel özellikleri teknik olarak geliştirildiği halde, bu alanda tam anlamıyla birleşik bir teori olmadığını göstermektedir. Avrupa’nın ekonomik ve parasal birlik konusundaki deneyimi bu tepiti doğrulamaktadır. Ayrıca, çalışma tek bir paranın üyeler, benzer ekonomik yapılara ve uluslararası ticaret özelliklerine sahip olduğunda yaşam standardını yükselttiğini, ancak aksi durumda saptırdığını göstermektedir. Bundan dolayı Türkiye dahil aday ülkelerle birlikte genişleme süreci, parasal birliğin sağlanması anlamında Avrupa Birliği’nin geleceğine hem fırsatlar hem de tehditler sunmaktadır.
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