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EMU entry strategies for the new member states

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  • Eastward Enlargement of the Euro Zone
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Intereconomics

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References

  1. Robert Mundell: A Theory of Optimal Currency Areas, in: American Economic Review, Vol. 51, 1961, pp. 657–665.

  2. Ronald McKinnon: Optimum Currency Areas, in: American Economic Review, Vol. 53, 1963, pp. 207–222.

  3. Jarko Fidrmuc, likka Korhonen: Similarity of Supply and Demand Shocks between the Euro Area and the CEECs, Bank of Finland Institute for Economies in Transition Discussion Paper No. 14, 2001.

  4. Ronald McKinnon, op. cit. Optimum Currency Areas, in: American Economic Review, Vol. 53, 1963, pp. 207–222.

  5. Deutsche Bundesbank: Wirtschafts-und währungspolitische Zusammenarbeit der EU mit den beitretenden Ländern nach Unterzeichnung des Beitrittsvertrages, Monthly Report July 2003, pp. 15–38.

  6. Ronald McKinnon: Optimum Currency Areas and Key Currencies: Mundell I versus Mundell II, in: Journal of Common Market Studies, Vol. 42, 2004, forthcoming.

  7. Robert Mundell: Uncommon Arguments for Common Currencies, in: Harry Johnson, Alexander Swoboda (eds.): The Economics of Common Currencies, London 1973, pp. 114–132.

  8. Robert Mundell: A Plan for a European Currency, in: Harry Johnson, Alexander Swoboda, op. cit. The Economics of Common Currencies, London 1973, pp. 143–172.

  9. Paul De Grauwe, Gunther Schnabl: Exchange Rate Regime and Macroeconomic Stability in Central and Eastern Europe, CESlfo working Paper No. 1182, 2004.

  10. Jeffrey Frankel, Andrew Rose: An Estimate of the Effect of Common Currencies on Trade and Income, in: Quarterly Journal of Economics, Vol. 117, 2002, pp. 437–466.

  11. Alejandro Micco, Ernesto Stein, Guillermo Ordoñez: The Currency Union Effect on Trade: Early Evidence from EMU, in: Economic Policy, Vol. 37, 2003, pp. 315–356.

  12. Robert Mundell: Uncommon Arguments ..., op. cit. The Economics of Common Currencies, London 1973,

  13. Robert Corker, Craig Beaumont, Rachel van Elkan, Dora lakova: Exchange Rate Regimes in Selected Advanced Transition Economies — Coping with Transition, Capital Inflows, and EU Accession, IMF Policy Discussion Paper No. 00/03, 2000.

  14. Paul De Grauwe, Gunther Schnabl: Nominal versus Real Convergence with Respect to EMU Accession: Entry Strategies for the New Member States, Tübinger Diskussionsbeitrag No. 287, 2004.

  15. Within an environment of high inflation and depreciation there seems to be no conflict between nominal and real convergence (cf. Sabine Herrmann, Axel Jochem: Real and Nominal Convergence in the CEE Accession Countries, in: Intereconomics, Vol. 38, No. 6, 2004, pp. 323–327). Yet, the Balassa-Samuelson effect is likely to become “visible” as macroeconomic convergence with the Euro Area increases (cf. Paul De Grauwe, Gunther Schnabl: Exchange Rate Regime ..., op. cit. and Macroeconomic Stability in Central and Eastern Europe, CESIfo Working Paper No. 1182, 2004.)

  16. Deutsche Bundesbank, op. cit. Wirtschafts-und währungspolitische Zusammenarbeit der EU mit den beitretenden Ländern nach Unterzeichnung des Beitrittsvertrages, Monthly Report July 2003, pp. 15–38.

  17. Paul De Grauwe, Gunther Schnabl: Nominal versus Real Convergence ..., op. cit. with Respect to EMU Accession: Entry Strategies for the New Member States, Tübinger Diskussionsbeitrag No. 287, 2004.

  18. Taking the Balassa-Samuelson effect into account Buiter and Grafe (Willem Buiter, Clemens Grafe: Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries, CEPR Discussion Paper No. 3184, 2002, p. 40) estimate that the annual equilibrium (real) appreciations do not exceed 3.5% to 4.0%.

  19. The voting system in the enlarged Eurosystem is discussed by Michael Frenkel, Ralf Fendel: The New ECB Voting System: Some Room for Improvement, in: Intereconomics, Vol. 38, No. 6, 2003, pp. 334–338.

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Authors and Affiliations

  1. Catholic University of Leuven, Belgium

    Paul De Grauwe (Professor of international economics)

  2. University of Tübingen, Germany

    Gunther Schnabl (Associate professor of economics)

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  1. Paul De Grauwe
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  2. Gunther Schnabl
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De Grauwe, P., Schnabl, G. EMU entry strategies for the new member states. Intereconomics 39, 241–246 (2004). https://doi.org/10.1007/BF03031781

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  • DOI: https://doi.org/10.1007/BF03031781

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