Working Paper

Optimum Currency Area Theory and Monetary Integration as a Gradual Process

Publication Date
19 Mar 2026
Author
Philippe De Lombaerde
External Series
UNU-CRIS Working Papers
Download PDF

Abstract

The concept of (regional) economic integration refers both to a state of affairs and a process (Balassa, 1961). In this contribution we will refer to integration seen as a gradual process.Both in terms of the agenda of the negotiations, as in terms of the number of countries takingpart in the integration treaties, post-war regional integration can indeed be perceived andobserved as a cumulative and partly irreversible (or, at least, costly-to-reverse) process.Integration in the European Union context and in other geographical areas can easily bemodelled as a process of both ‘deepening’ and geographical expansion.

The views expressed in this publication are those of the author(s) and do not necessarily reflect the views of the United Nations University.

Related content

Event

Development Finance through a Positive Economic Statecraft Lens

A high-level roundtable exploring how positive economic statecraft can reshape development finance.

-

Event

A New Era of International Cooperation: Reimagining Relations between the Global South and North

A high-level roundtable exploring whether middle powers can reshape global cooperation and bridge North–South divides

-

Event

Sovereign Debt Distress and Credit Ratings: Assessing Default Risk and Recovery in Africa

A roundtable examining how credit rating agencies assess sovereign risk, default and recovery in Africa.

-

Media Coverage

Countries suffer when credit rating agencies lack data: how to fix the problem at source

In The Conversation, Daniel Cash shows how data gaps skew credit ratings, raising borrowing costs and limiting fair access to finance

09 Apr 2026