본 논문은 EMU 출범 이후 유로존 차원의 단일통화정책이 회원국가의 상이한 경제상황에 영향을 미침으로써 단일 통화충격이 회원국가간 경제에 과연 어느 정도의 차이점을 보여주고 있는지 분석하고자 했다. 분석결과 통화충격의 지속성과 반응 범위에 따라 세 그룹으로 분류해 보았다. 첫 번째 그룹은 통화충격에 대한 생산 반응이 평균적인 국가이며, 두 번째 그룹은 통화충격에 대한 생산반응이 매우 작은 국가, 세 번째 그룹은 기타 회원국가와 비교해 통화충격에 대한 생산 반응이 매우 비대칭적인 국가 등으로 구분된다. 이러한 통화충격에 대한 국가간 차이가 발생하는 원인은 회원국가간 서로 다른 산업 혼재와 금융의존도 측면에서 기인한다고 보았다. 그리고 이러한 차이는 통화동맹이 형성되기 전 인식되었던 핵심국가와 주변 국가의 구분이 아닌 통화동맹 초기 시점에서 나타날 수 있는 현상으로 간주되며, 향후 통화동맹이 심화됨에 따라 회원국가간 통화정책 전달과정의 대칭성은 빠르게 발생할 것이다.

Under the European Economic and Monetary Union(EMU), member countries are subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Therefore, this paper intends to analyze the differences in the effects of monetary policy on the real economy across the EMU member countries. Based on a vector autoregression model, the main finding of this paper is that the EMU countries fall into three groups according to the effects of monetary policy adjustments on the economic activity: France, Italy, Austria, Belgium, Luxembourg and Ireland have a response close to the EMU average: Germany and Netherlands have a relatively small response: Finland and Portugal have asymmetric real effects to monetary shock in the EMU. The reasons that these differences arise are the EMU countries differ in industry mix and financial composition, while at the same time they employ a common currency. But this paper suggests that the monetary transmission mechanism become more symmetric due to the single currency as the level of EMU development.

Under the European Economic and Monetary Union(EMU), member countries are subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Therefore, this paper intends to analyze the differences in the effects of monetary policy on the real economy across the EMU member countries. Based on a vector autoregression model, the main finding of this paper is that the EMU countries fall into three groups according to the effects of monetary policy adjustments on the economic activity: France, Italy, Austria, Belgium, Luxembourg and Ireland have a response close to the EMU average: Germany and Netherlands have a relatively small response: Finland and Portugal have asymmetric real effects to monetary shock in the EMU. The reasons that these differences arise are the EMU countries differ in industry mix and financial composition, while at the same time they employ a common currency. But this paper suggests that the monetary transmission mechanism become more symmetric due to the single currency as the level of EMU development.

European Economic and Monetary Union, European Central Bank, Single Monetary Policy, Monetary Transmission Mechanism, De-centralization