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The Maastricht Inflation Criterion And The New Eu Members From Central And Eastern Europe
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Book Synopsis The Maastricht Inflation Criterion and the New EU Members from Central and Eastern Europe by : Karsten Stæhr
Download or read book The Maastricht Inflation Criterion and the New EU Members from Central and Eastern Europe written by Karsten Stæhr and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Maastricht Inflation Criterion by : Jaromír Hurník
Download or read book The Maastricht Inflation Criterion written by Jaromír Hurník and published by International Monetary Fund. This book was released on 2006-06-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.
Book Synopsis Inflation Criterion in the Enlarged European Union - Summary of the Discussion on Lithuania by : Katarzyna Baran
Download or read book Inflation Criterion in the Enlarged European Union - Summary of the Discussion on Lithuania written by Katarzyna Baran and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The example of Lithuania shows, that using hitherto existing interpretation of inflation criterion in the EU of 27 members has distinct implications for the expansion of the euro area. In the comming years, structural factors, related to the process of catching-up with highly developed European economies, will have significant influence on the inflation rate in the new EU member states from Central Eastern Europe. Since the inception of the euro area, the reference value of the inflation criterion is determined both by the single ECB monetary policy as well as by independent monetary policies of the EU member states outside the euro area. In the enlarged EU this results in a growing divergence between the reference value of the inflation criterion and the euro area inflation rate. The article indicates proposals of changes which would better allow for taking into consideration the dynamics of monetary integration within the EU, yet would not require changes of the Treaty provisions.
Book Synopsis When should new members from Central and Eastern Europe Join the Euro Area? by : Jozef Vasak
Download or read book When should new members from Central and Eastern Europe Join the Euro Area? written by Jozef Vasak and published by GRIN Verlag. This book was released on 2003-11-24 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (M.A.) from the year 2003 in the subject Politics - Topic: European Union, grade: 2 (B), University of Hamburg (European College, Hamburg), language: English, abstract: After a decade of transition from communist regime with centrally planned economic system to democratic society with market economy and after several years of negotiations on the European Union membership, ten candidate countries from Central and Eastern Europe signed the accession treaties at summit in Athen in April 2003. If they conduct public referenda successfully and the present members states complete the ratification, they will become members states in May 2004. The membership in the European Union implies the prospect of eventual membership in the Economic and Monetary Union. The consequent question is: when exactly should they join? According to the Maastricht Treaty, in order to become members of monetary union, new members have to fulfil the convergence criteria. As academic and policy discussions show, from the perspective of monetary policy and economic reasoning, this question, so far, has no clear answer. Politically, the majority of new members already expressed the intention to fulfil the Maastricht criteria as soon as possible and to join between 2006 and 2008. The officials of the European Union and the European Central Bank prefer a later entry date or tend to be neutral on the issue. Further popular opinion recommends waiting until the euro area consolidates its own monetary policy mechanism. Among economists, the timing of the eastern enlargement of monetary union is a controversial issue as well. Some argue the nominal convergence set by the Maastricht Treaty to be far from sufficient to form a monetary union with less developed economies. As long as the real convergence in terms of prosperity, functioning institutions or reaction of economy to economic shocks, is not achieved, a common monetary policy stays undesirable. Opposition to these arguments points out that the inclusion of peripheral members of the European Union with characteristic similar to new members, so far, had no negative effects for those countries or for the monetary union. Others oppose the eager ambition of an early accession to the euro area, because economies of candidate countries members need a different monetary policy, while catching-up the present members. They stress some of the Maastricht criteria to be contradictory to the catching-up process and advise to accept the higher inflation rates leading to real appreciation of exchange rates. [...]
Book Synopsis Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2 by : Ulrich Machold
Download or read book Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2 written by Ulrich Machold and published by GRIN Verlag. This book was released on 2008 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2002 in the subject Economics - Monetary theory and policy, grade: 1.0 (A), Technical University of Berlin (-), 54 entries in the bibliography, language: English, abstract: A rough 50 years after its foundation, the European Union (EU) is preparing for the probably most ambitious challenge of its existence, the binding-back into the West of the once centrally-planned economies of Central and Eastern Europe (CEEC). Together with political and general economic efforts, European monetary integration also gains speed with as many as twelve CEEC queuing up for entry into the EU (not including Turkey, which has not yet officially begun entry negotiations), the first of them most likely joining the Union already two years after the physical introduction of the single currency, i.e. in 2004. Many of these countries are eager to also join Monetary Union (EMU) and show their ability to be ′good Europeans′ by adopting the Euro as soon as possible. Various statements by both CEEC-government officials and monetary authorities exemplify this very vividly. This implies that the enlargement of EMU is already a relevant issue. By the time it becomes acute, positions and perspectives of both applicants and current members should be clear, if unnecessary delays and political irritations are to be avoided. The body of literature on the subject is thus as large as the questions of when, how and on what terms CEEC-accession will take place are pressing, and becoming more so as time progresses. This study attempts to coherently examine the core issues related to EMU-enlargement, equally synthesising the various segmented approaches of the academic debate, and deduce normative conclusions as to what strategic outlook should seem appropriate to both CEEC and the current EMU-12: In what timeframe should accession most sensibly take place? How appropriate are the mechanics leading up to EMU, most prominently the Exchange Rate Mechanism (ERM-II) and the Maastr
Book Synopsis The Maastricht Inflation Criterion by : John Lewis
Download or read book The Maastricht Inflation Criterion written by John Lewis and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the Maastricht Treaty, a country seeking to join the European Monetary Union cannot have an inflation rate in excess of 1.5 per cent plus the average inflation rates in the three 'best performing' EU countries. This inflation reference value is a non-increasing function of the number of EU members. A counterfactual analysis of historical data shows that the effect of enlarging the EU from 15 to 27 countries was sizeable in 2002-04 and again from 2007. Monte Carlo simulations suggest that the enlargement of the EU from 15 to 27 members reduces the inflation reference value by 0.15-0.2 percentage points on average, but there is a considerable probability of a larger reduction at any given moment of time. The treatment of countries with negative inflation rates in the calculation of the reference value has a major impact on the results.
Book Synopsis The Maastricht Inflation Criterion by : Aleš Bulíř
Download or read book The Maastricht Inflation Criterion written by Aleš Bulíř and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht inflation criterion, designed in the early 1990s to bring high-inflation EU countries in line with low-inflation countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures - rather than adopting structural reforms with longer-term benefits - with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.
Book Synopsis Real Convergence in Central, Eastern and South-Eastern Europe by : Reiner Martin
Download or read book Real Convergence in Central, Eastern and South-Eastern Europe written by Reiner Martin and published by Palgrave MacMillan. This book was released on 2009-02-27 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Real convergence has gained substantial momentum in central, eastern and south-eastern Europe. Countries in these regions are all involved in the European integration process, either as recently joined EU member states, candidate countries, or potential candidates for membership. It has therefore become increasingly important to consider methods of catching up, to explore cross-country differences and to review key policy challenges for the convergence process. Through considering these issues in detail, prospects for future adoption of the euro can also be assessed. This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to explore the key policy challenges facing the convergence process. Contributions focus especially on inflation, growth, migration and the balance of payments. This book is an essential read for all scholars interested in the transition of central, eastern and south-eastern Europe, and in the process of EU integration and enlargement."--Book cover.
Book Synopsis The Maastricht Inflation Criterion by : John Lewis
Download or read book The Maastricht Inflation Criterion written by John Lewis and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The European Union and Central and Eastern Europe by : Susan Senior Nello
Download or read book The European Union and Central and Eastern Europe written by Susan Senior Nello and published by Ashgate Publishing. This book was released on 1998 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text sets out to analyse the implications of the process of enlargement in the EU state and examines which criteria is likely to be used in deciding whether countries are ready to join. It also looks at the potential consequences of growth.
Book Synopsis Euro Adoption in Central and Eastern Europe by : Ms.Susan Schadler
Download or read book Euro Adoption in Central and Eastern Europe written by Ms.Susan Schadler and published by International Monetary Fund. This book was released on 2005-04-18 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eight central and eastern European countries--the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic, and Slovenia--officially joined the European Union (EU) in May 2004. This auspicious milestone marked the beginning of the next major step for these countries in their move toward full integration with the EU-adoption of the euro. Seeking to consider the opportunities and challenges of euro adoption, the papers in this volume--by a noted group of country officials, academics, representatives of international institutions, and market participants-offer insight on the various dimensions of euro adoption in these eight new EU members--how they should prepare, whether an early move is optimal, and what pitfalls may occur along the way.
Book Synopsis EMU and Enlargement by : Holger van Eden
Download or read book EMU and Enlargement written by Holger van Eden and published by . This book was released on 1999 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Policy During Transition to the European Monetary Union by : Fabrizio Coricelli
Download or read book Exchange Rate Policy During Transition to the European Monetary Union written by Fabrizio Coricelli and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries of central eastern Europe which are candidates for accession to the European Union face fundamental challenges in the conduct of macroeconomic policies. These countries are characterized by growth rates faster than those of EU countries, along with large current account deficits and an equilibrium appreciation of the real exchange rate. In such a context, an early adoption of the euro may be beneficial to central eastern European countries, while the ERM-II system and the Maastricht criterion on inflation may give rise to serious drawbacks for candidate countries.
Book Synopsis Selected Transition and Mediterranean Countries by : Robert Alan Feldman
Download or read book Selected Transition and Mediterranean Countries written by Robert Alan Feldman and published by International Monetary Fund. This book was released on 1998-06 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and Monetary Union (EMU) has a number of institutional implications for the transition countries of Central and Eastern Europe and selected Mediterranean countries that aspire to join the European Union (EU). After describing the current institutional framework for their relations with the EU, the paper examines two basic categories of institutional effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those stemming from the need to adopt the EU’s institutional and legal provisions in the area of EMU.
Book Synopsis The Central and Eastern European Countries and the European Union by : Michael Artis
Download or read book The Central and Eastern European Countries and the European Union written by Michael Artis and published by Cambridge University Press. This book was released on 2006-04-20 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: The accession of ten new members to the European Union on May 1st 2004 was among the most significant developments in the history of European integration. Based upon studies conducted by the European Forecasting Network, this 2006 book analysed key aspects of the impact of this enlargement with reference to eight of the ten new Member States, namely the Central and Eastern European countries (CEECs). It demonstrated that the enlargement had the potential to create profound consequences for both the new Member States and the pre-accession members of the Union, given the unparalleled magnitude of the enlargement, the fact that the CEECs had levels of prosperity and economic development well below the Union average, and their history of participation in centrally planned regimes. The contributions examined regional policy, the debate about accession to the EMU, the macroeconomic trajectories of the Central and Eastern European economies and their likely development.
Book Synopsis Economic Convergence in the Euro Area: Coming Together or Drifting Apart? by : Mr.Jeffrey R. Franks
Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Book Synopsis Health Policy and European Union Enlargement by : Mckee
Download or read book Health Policy and European Union Enlargement written by Mckee and published by McGraw-Hill Education (UK). This book was released on 2004-04-01 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there may be consensus on the broader issues of the core objectives of the health care system, expectations differ between EU countries, and European national policy-makers. This book seeks firstly to assess the impact of the enlargement process and then to analyse the challenges that lie ahead in the field of health and health policy.
