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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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Inclusion of Central European Countries in the European Monetary Union (Hardcover, 1999 ed.)
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Inclusion of Central European Countries in the European Monetary Union (Hardcover, 1999 ed.)
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The creation of the EMU and the introduction of the Euro is a
historic event for the EU countries. The debates on the
desirability of the EMU provoked a vast economic literature dealing
with the theory of the optimum currency area, costs and benefits of
the EMU, symmetric versus asymmetric shocks, alternative mechanisms
of adjustment in a monetary union and so forth. Until recently, for
the Central European candidate countries for a full membership in
the EU, these issues seemed to be too far away, as they
concentrated on devising their own monetary and exchange rate
systems suitable for their transition period. The challenges of the
EMU for the Central European countries have scarcely been dealt
with in both Western and Eastern economic literature. Inclusion of
Central European Countries in the European Monetary Union aims to
fill this gap, by focusing on the most direct issue of relevance
for the Central European countries with respect to the EMU - why,
how and when these countries are expected to join the EMU. The
papers included in this volume study the relationship between the
EU accession process of the Central European candidate countries
and their involvement in the process of European monetary
integration. The book focuses on two main issues. First, are these
countries - now or possibly later - a part of the European optimum
currency area so that they should belong to the Euro area in the
near future? Second, if so, how and when should they undertake
necessary adjustments in their monetary and exchange rate policies
and join the ERM 2 and the EMU?
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