ECB's Bini Smaghi on euro entry
In this speech ECB executive board member, Lorenzo Bini Smaghi, argues that there is "evidence that the euro may be setting in motion some endogenous process, moving the euro area progressively closer to the concept of an optimum currency area."
Bini Smaghi pointed out that the single currency "has boosted intra-euro area trade by 5% to 10%" and thhere has also been "no trade diversion vis-a-vis the rest of the world.
He added that most of the "asymmetric effects we have seen [for countries
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