The breakup of the euro area / Barry Eichengreen ; comment: Martin Feldstein -- The euro and structural reforms / Alberto Alesina, Silvia Ardagna, and Vincenzo Galasso ; comment: Otmar Issing -- The euro and firm restructuring / Matteo Bugamelli, Fabiano Schivardi, and Roberta Zizza ; comment: Gianmarco I. P. Ottaviano -- Business cycles in the euro area / Domenico Giannone, Michele Lenza, and Lucrezia Reichlin -- The estimated effects of the euro on trade: why are they below historical effects of monetary unions among smaller countries? / Jeffrey Frankel ; comment: Silvana Tenreyro -- A new metric for banking integration in Europe / Reint Gropp and Anil K. Kashyap ; comment: Loretta J. Mester -- Why the European securities market is not fully integrated / Alberto Giovannini ; comment: Richard Portes -- The euro and fiscal policy / Antonio Fata?s and Ilian Mihov ; comment: Roberto Perotti -- How central bankers see it: the first decade of ECB policy and beyond / Stephen G. Cecchetti and Kermit L. Schoenholtz ; comment: Pervenche Beres -- Re-evaluating Swedish membership in the EMU: evidence from an estimated model / Ulf So?derstro?m -- Euro membership as a U.K. monetary policy option: results from a structural model / Riccardo Dicecio and Edward Nelson ; comment: Carlo A. Favero.