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Cologne, May 14, 2007 Graded writing assignment SS 2006 (European Economic Issues) "Adjustment to Asymmetric Shocks in the Eurozone countries" Teacher: Aad van Mourik COLOGNE BUSINESS SCHOOL (CBS) Hardefuststr. 1 50677 Köln Diana Mateo Nils Urban Adreas Schnepf WORDCOUNT: 3276 Words ETHICS STATEMENT: Herewith I (we) declare that I (we) have prepared the following work alone and without the use of materials other than those cited. SIGNATURES: Diana Mateo: ____________________ Nils Urban: ____________________ Andreas Schnepf: ____________________ Table of Contents A. Introduction 1 B. Main Part 2 I. Macroeconomic Shocks 2 1. Temporary and permanent shocks 2 2. Country-specific and sector specific shocks 3 3. Real and financial shocks 3 4. Exogeneous and policy-induced shocks 3 II. Dealing with asymmetric shocks in the EMU 3 1. Market oriented tools 4 2. Institutional mechanisms 7 C. Conclusion and argumentation 8 --> DIANA A. Introduction: Abstract: This paper will analyze how countries should deal with asymmetric shocks when they are hit by an asymmetric shock and which instruments of economic policy have to deal with these types of economic problems. Furthermore it will supply the reader with a brief information on the EMU and its history together with basic...

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