Date of Thesis

Spring 2018


As the world financial crisis hit Europe in 2008, the financial shock had asymmetric effects across the eurozone; by 2010, its effects led to a sovereign debt crisis in the euro area. The shock created a clear distinction between strong, core economies in the European Monetary Union (EMU), and a struggling indebted periphery that fared worse in the period of crisis. The sovereign debt crisis revealed inherent fragility in the EMU. In light of recent populist movements, the common currency is under unprecedented scrutiny. This study seeks to assess the euro effect on exports for a clearly distinguished EMU core and periphery. Using an econometric analysis, this paper will also determine if the euro effect has changed, with respect to three time periods: pre-crisis, crisis, and post-crisis. Through this, the euro effect on trade can be better understood, as its benefits (in terms of trade increase) will be identified for various groups that may weigh the costs of currency union differently in post-crisis Europe. The results find the euro effect on total exports is about a 9.5-10.9% increase. However, it is found that most of the the euro effect on exports is seen by the core. The euro effect on trade is negatively impacted by the sovereign debt crisis for all EMU groups, but the core was the only group to have a euro effect that remained positive during that period.


Currency Union, Economics, European Sovereign Debt Crisis

Access Type

Honors Thesis

Degree Type

Bachelor of Arts



Minor, Emphasis, or Concentration

German Studies

First Advisor

Janet Knoedler

Second Advisor

Christopher Magee