| Publication |
2009.
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| Summary/Abstract |
The existence of the euro-area has lowered the costs emanating from the autumn 2008 financial crisis for weak euro-area economies. For the Scandinavian euro-outsiders, the financial crisis awoke a public discussion about the pros and cons of the euro. This is just natural in a situation of crisis. Owing to their good economic standing, however, the Scandinavian euro-outsiders have not, on the whole, been worse off outside the euro-area than EU member states inside it. One reason may be the level of micro-innovation. Over the past 10 years, a considerable amount of experience has been accumulated among the euro-outsiders. Innovative ways have been found to compensate for non-membership of the euro-area. In fact, it seems as if the special status of the semi-permanent euro-outsiders, such as Denmark and Sweden, initially has worked as a catalyst for innovation among civil servants and other stakeholders, thereby contributing to innovation in the entire public sector in these countries. Somehow this stands in sharp contrast to the reform rhythm among the euro-insiders.
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