This would lead us into a very complex debate. The problems are not caused by clashes themselves, but by asymmetric clashes asymmetric clashes differ depending on whether they are temporary or permanent, whether they relate to supply or demand.

This anchoring is particularly important if globalisation causes sequences of one sided shocks to inflation .

Any asymmetric shocks which may occur should be dealt with by means of increased market flexibility.

Derivative financial instruments(E 4, Apr. 1995, En, Fr).

3.1.1 The adoption of the single currency would have been optimum for countries that are exposed to symmetric shocks or that have mechanisms to absorb asymmetric shocks.

Tax transfers should also act as an automatic stabilizer in the case of asymmetric shocks.

On the contrary , a flexible exchange rate can play an important role in cushioning asymmetric shocks .

3.6 Another unexpected effect of the introduction of EMU was asymmetric shocks within the euro area.

3.6 Another unexpected effect of the introduction of EMU was asymmetric shocks within the euro zone.

This could appeal to us, but no one actually knows how it would work if confronted with asymmetric shocks.

Instead, a great deal of flexibility, including within their labor markets, facilitated adjustment to asymmetric shocks.

3.3.3 Empirical studies show that the likelihood of asymmetric shocks is higher in Europe than in the USA.

Similar conclusions can be reached with reference to analyses which estimate the differentiated impact of asymmetric shocks and the resulting adjustment .

If economic structures were dissimilar, then the second criterion became critical Were arrangements in place to adjust to asymmetric shocks?

If economic structures were dissimilar, then the second criterion became critical Were arrangements in place to adjust to asymmetric shocks?

14.2 The euro area must strengthen its growth potential and its ability to cope with asymmetric shocks and promote economic and social convergence.

16.2 The Eurozone must strengthen its growth potential and its ability to cope with asymmetric shocks and promote economic and social convergence.

On the one hand , the US economy is known to be more flexible than the euro area ( and thus effects of asymmetric shocks should be absorbed more easily and faster ) .

Especially in the run up to Stage Three of EMU , the quantitative relevance of asymmetric shocks has attracted a lot of attention both among analysts and among economic observers .

Achieving more and better jobs and better responsiveness of labour markets is another major contribution to make the euro area more resilient to asymmetric shocks.

Greater labour mobility may certainly help to confront the problems which may arise in the event of asymmetric clashes.

The risks of an asymmetric shock developing will only get bigger after enlargement as European labour markets remain unreformed and largely immobile.

On the other hand , the United States exhibits stronger regional specialisation than the euro area , making its regions more subject to specific asymmetric shocks .

7.1 The significantly lower economic level of the new EU Member States in comparison with the EU 15 average, however, creates the risk of asymmetric shocks.

Asymmetric shocks must be resolved through defining monetary policy and only in very exceptional circumstances does discretional fiscal policy make sense in the event of an asymmetric shock.

To the extent that monetary and fiscal arrangements fail to reduce or eliminate moral hazard, the risk that capital flows create these endogenous asymmetric shocks will remain commensurately high.

Van Rompuy s budget would also help to stabilize the eurozone in the event that asymmetric shocks require temporary transfers from unaffected to crisis stricken countries.

But this overlooked a crucial feature of monetary unions free capital mobility and elimination of currency risk indispensable attributes of a currency area could be (and were) the source of asymmetric shocks.

But this overlooked a crucial feature of monetary unions free capital mobility and elimination of currency risk indispensable attributes of a currency area could be (and were) the source of asymmetric shocks.

1.10 The euro area budget should help the monetary union to function better, give fiscal backing to achieve a full banking union, and to offset asymmetric shocks.

1.9 The euro area budget should help the monetary union to function better, give fiscal backing to achieve a full banking union, and to offset asymmetric shocks.

uth asymmetric proteins.

Academic literature on optimum currency areas suggested that the extent to which the region was prone to asymmetric macroeconomic shocks and the extent to which it could absorb these through economic flexibility would be two critical factors in determining its durability.

1.2 Together with the ECB monetary pillar, in the medium term there must effectively also be a common budget pillar ensuring macroeconomic stabilisation within the EMU, particularly in the event of asymmetric shocks .

1.3 Together with the ECB monetary pillar, in the medium term there must effectively also be a common budget pillar ensuring macroeconomic stabilisation within the EMU, particularly in the event of asymmetric shocks .

Shocks!

At the present stage , it is too early to estimate the effect of Stage Three of EMU on reducing the severity of asymmetric shocks and on increasing business cycle synchronisation among participating countries .

Instead of looking at the wrong model that of a single state the EU and its member states should focus on the conditions required for the proper functioning of a currency union that has no common budget to compensate for asymmetric shocks.

Shocks, my lord?

Staging Category

While asymmetric shocks and adjustment mechanisms have to be recognised as realities , they also have to be seen in a more general framework , within which all gains from Stage Three of EMU are taken into account .

Moreover , evidence has been found that in the US the adjustment to asymmetric shocks is faster than in the euro area , largely because of the latter 's lower mobility of capital and labour .

Another mechanism for countering assymmetric shocks is cross subsidisation by fiscal transfers and it is generally accepted that, to some extent, this process will have to take place within Euroland.

Another mechanism for countering asymmetric shocks is cross subsidisation by fiscal transfers and it is generally accepted that, to some extent, this process will have to take place within Euroland.

You claim an inequitable exchange on asymmetrical bases.