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This book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the economic integration that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in Eastern and Southern Europe.
1 Introduction.- 2 Literature Review.- 3 Descriptive Analysis.- 4 Determinants of Business Cycle Synchronistion.- 5 Shock Propagation Mechanisms and Business Cycle Convergence.- 6 Summary and Policy Implications.- 7 Appendix.- References.