Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU
1
Faculty of Law and Administrative Sciences, Ştefan cel Mare University, Universitatii 13, 720229 Suceava, Romania
2
Faculty of Economics and Business Administration, Alexandru Ioan Cuza University, 22 Carol I, 700505 Iasi, Romania
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(17), 7065; https://doi.org/10.3390/su12177065
Received: 12 August 2020
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Revised: 24 August 2020
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Accepted: 26 August 2020
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Published: 30 August 2020
(This article belongs to the Special Issue Banking, Corporate Finance and Sustainability)
Sustainable economic growth is an essential objective at the European Union level. The purpose of this paper is to investigate the impact of monetary integration on economic growth, assuming that the introduction of the euro significantly stimulated the process of European financial integration. We used a fixed-effects methodology for panel data for the EU 28 countries for the period 2004–2018. We find that the main factors through which monetary integration contributessignificantly and positively to economic growth areeconomic growth Single Euro Payments Area (SEPA)cards, trade, monetary freedom, convergence of interest rates, convergence of exchange rates and cross-border holdings of short-term debt, with significant differences between Eurozone and non-euro countries, which confirms the hypothesis that the introduction of the euro had a significant impact on economic and financial integration.
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Keywords:
banking and monetary integration; European Union; SEPA instruments; sustainable economic convergence
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MDPI and ACS Style
Bostan, I.; Oprea, O.-R.; Stoica, O. Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU. Sustainability 2020, 12, 7065. https://doi.org/10.3390/su12177065
AMA Style
Bostan I, Oprea O-R, Stoica O. Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU. Sustainability. 2020; 12(17):7065. https://doi.org/10.3390/su12177065
Chicago/Turabian StyleBostan, Ionel, Otilia-Roxana Oprea, and Ovidiu Stoica. 2020. "Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU" Sustainability 12, no. 17: 7065. https://doi.org/10.3390/su12177065
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