Did Mundell's Ideas Really Advance The Euro?
You state that Robert A. Mundell in the 1960s originated the concept of "optimal currency area," which framed the debate that led to the creation of the euro ("Why Mundell won the Nobel," American News, Oct. 25). The concept, however, states that three criteria need addressing if a country is not to lose much from sharing a single currency with its partners: openness to mutual trade, diversity of economies, and mobility of factors of production, especially labor.
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