In or Out: Does It Matter? An Evidence-Based Analysis of the Euro's Trade Effects

Should the euro area worry about admitting new members who are economically very different from incumbents? What are the costs and benefits of euro adoption for potential joiners?
In an interview with Romesh Vaitilingam, Richard Baldwin discusses the empirical evidence on the size and nature of the euro's pro-trade effects. He goes on to explore the important policy implications of these findings: – the lessons for potential joiners; and lessons for the euro area’s current members and for its economic management.

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Richard Baldwin has been Professor of International Economics at the Graduate Institute of International Studies since 1991 and is Policy Director of the Centre for Economic Policy Research. He was joint Managing Editor of the journal Economic Policy from 2000 to 2005, and Programme Director of CEPR’s International Trade programme from 1991 to 2001. Before that he was Senior Staff Economist for the President's Council of Economic Advisors in the Bush Administration (1990-1991). The author of numerous books and articles, his research interests include international trade, globalisation, regionalism and European integration. He is editor-in-Chief of Vox, CEPR's new policy portal.