What are the conditions for an optimum currency area? Evaluate whether the EU was an optimum currency area at the start of economic and monetary union when the Euro (currency) was introduced.

Answer the following questions:
What are the conditions for an optimum currency area? Evaluate whether the EU was an optimum currency area at the start of economic and monetary union when the Euro (currency) was introduced.
In order to answer this you need to show solid knowledge of EMU (European Monetary Union), its history, institutions and advantages and disadvantages. Also you need to show knowledge regarding optimum currency areas.
A good answer should include Mundell and Lerner and mention the main condition of optimum currency area, and three further more conditions.
Include convergence criteria to ensure an optimisation of the EU as a currency area.
Finally mention the post-hoc efforts to make the Eurozone an OCA after the Eurozone Crisis.

You should answer this question under the form of an essay, therefore:
Give your verdict as to what extent a statement or findings within a piece of research are true, or to what extent you agree with them. Provide evidence taken from a wide range of sources which both agree with and contradict an argument. Come to a final conclusion, basing your decision on what you judge to be the most important factors and justify how you have made your choice.
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