catalysts. In short, the EMU has contributed toward the development of western-type of management style. Additionally, Greek firms have new challenges to overcome and this requires new competitive strategies, organizational structures, and management processes. Consequently, Greek firm’s strategy has shifted toward offer better quality products and services, and a tighter cost control. Trade theories are examples of why benefits outweigh costs. (Aiginger, K. et al, 1999, pp.3) The traditional theory was described by Ricardo in 1817; a country can achieve a “comparative advantage” resulting from differences in productivity or endowments between countries and regions. Consequently, trade liberalization and economic integration will result in production re-location and increasing specialization according to comparative advantages. Additionally, Mundell (1961) McKinnon (1963) and Kenen (1969) identified the reasons why a country should or should not enter a monetary union. If for every member-state benefits outweigh costs then the currency area is optimal. An “optimum currency area” (OCA) considers the premise that “when an external shock hits the economy, it is easier to adjust the exchange rate rather than domestic prices or wages.” (A. Belke and D. Gros, (1997). pp. 3/50) Indeed, this approach assesses what a country loses by giving up the exchange rate as an adjustment instrument. Conclusions To conclude, according to Martin Feldstein, EMU is seen by France as an opportunity to be a “co-manager” of Europe as an equal of Germany. Furthermore, it has been assumed that economic integration among the European countries will lead to convergence while reducing asymmetric shocks. However, classical theories assess that integration results in more specialization due to comparative advantage. Hence, core economies (France and Germany) may benefit at the expense of less efficient economies such as Eastern member-states. Furthermore, with a Single Market, firms will have to expand in size in order to compete. Such large firms are mostly located in core economies of the EU. However, Greece case study showed that EMU has contributed to the development of firms by offering higher quality products and services. We can then conclude that if a country joins EMU, benefits will clearly outweigh costs.>