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working paperS are obtainable froM Sveriges riksbank • information riksbank • Se-103 37 Stockholm fax international: +46 8 787 05 26 telephone international: +46 8 787 01 00 Abstract I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an important driving forcedoi:10.3386/w14519 fatcat:frroicvqpzgxhi7fknwyelilee