http://www.eea-esem.com/papers/EEA/2005/683/poutineau05.pdf This paper develops a compact new open macroeconomics model of a Monetary Union to evaluate, on the one hand, the consequences of the imperfect integration of the goods and labour markets, when countries are hit by asymmetric demand shocks and, on the other hand, the macroeconomic and welfare gains associated to a further integration of either market.