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Abstract
EU enlargement revives the debate around the participation to the EMU. We use a gravity
model to see whether informal barriers have changed over a ten-year period covering the
creation of the EMU, and whether their impact on European member countries’ agricultural
and food trade has been modified. We find that it has led to lower information costs. We
observe a diminishing marginal trade impact of both information and institutional barriers: the
lower the level of these barriers, the lower the magnitude of their impact on trade. But this
finding can not be directly attributed to the introduction to the Euro.