Benefits of EMU Participation: Estimates using the Synthetic Control Method

Loes Verstegen, Bas van Groezen, Lex Meijdam

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This paper investigates quantitatively the benefits from participation in the Economic and Monetary Union for individual Euro area countries. Using the synthetic control method, we estimate how real GDP per capita would have developed for the EMU member states, if those countries had not joined the EMU. The estimates show that most countries have profited from having the euro, though the crisis leads to negative effects of EMU membership. The PIGS countries, in particular, would have been better off if they had not been an EMU member during the crisis, however, Greece, Portugal and Spain experienced the largest benefits of EMU participation in the pre-crisis period.
Original languageEnglish
Place of PublicationTilburg
PublisherCentER, Center for Economic Research
Number of pages66
Publication statusPublished - 28 Aug 2017

Publication series

NameCentER Discussion Paper


  • economic growth
  • euro area
  • synthetic control method
  • monetary union


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