at various points in time with the GDP development of suitable non-euro countries, but without taking into account reforms in individual countries or the consequences of the European Central Bank's interest rate policy for the population. Experts therefore disputed the significance of the study, for example Clemens Fuest commented that economic growth in Germany and Italy was not due to the introduction of the euro. cep representatives rejected the criticism and referred to another study in which the "synthetic control method" had worked. Nevertheless, a new study argued that there were several flaws with the methodological application of the synthetic control method by the CEP study and provided new and corrected estimates where Germany is one of the countries who benefited the less from the common currency adoption, with an estimated loss of almost -6,000 euros per capita until 2007. Some of the pointed methodological flaws are: 1) incorporating developing countries with structurally higher growth rates in the control group for an advanced economy with structurally more modest growth rates (e.g. inclusion of Bahrain as control for Germany); 2) they do not assure that there are no differentiated shocks during the study period because they incorporate the period after the Great Recession in their analysis. References External links Link to cep | Centre for European Policy European Union law Freiburg School Think tanks based in Germany