20A Some observers argued a small euro area would be better than the full 11 member group that started in 1999 Draw up the GGLL framework for a union comprising of just Austria, Belgium, the Netherlands, Luxembourg, France, and Germany and one for a union of those countries plus Spain, Portugal, and Greece Are the arguments of these observers justified B Imagine the Maastricht treaty had created a common currency but not a common central bank (with each national CB in control of monetary policy) What problems would you forsee

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20A  Some observers argued a small euro area would be better than the full 11 member group that started in 1999  Draw up the GGLL framework for a union comprising of just Austria, Belgium, the Netherlands, Luxembourg, France, and Germany and one for a union of those countries plus Spain, Portugal, and Greece  Are the arguments of these observers justified   B  Imagine the Maastricht treaty had created a common currency but not a common central bank (with each national CB in control of monetary policy)  What problems would you forsee

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20A: Some observers argued a small euro area would be better than the full 11 member group that started in 1999. Draw up the GGLL

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