When Should New Members From Central And Eastern Europe Join The Euro Area

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When should new members from Central and Eastern Europe Join the Euro Area?

Author : Jozef Vasak
Publisher : GRIN Verlag
ISBN 13 : 3638235181
Total Pages : 82 pages
Book Rating : 4.6/5 (382 download)

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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. [...]

When the Prospective Central and Eastern European Members of the EU Will Be Able to Join the Euro's Zone?

Author : Witold Maksymilian Rutkowski
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis When the Prospective Central and Eastern European Members of the EU Will Be Able to Join the Euro's Zone? by : Witold Maksymilian Rutkowski

Download or read book When the Prospective Central and Eastern European Members of the EU Will Be Able to Join the Euro's Zone? written by Witold Maksymilian Rutkowski and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main objective of this paper is to consider some problems the potential Central and Eastern European Members of the European Union will face before joining ERM II and the euro's area. Their present monetary and exchange rate policies will probably not result in the soonest possible access to Stage 3 of Economic and Monetary Union. This paper presents a view that imminent joining of the ERM II by the post-communist potential members of the EU after enlargement might even cause some complications for them and in consequence delay their access to the euro's area. This paper proposes to introduce currency board arrangement (CBA) to euro as an accession-related adjustment to ERM II and to the euro's area. As a main benefit may be indicated the prospective euroization of their economies and closer links to euro interest rates proven by CBA tied to other currencies in the past. But this requires support from the European Central Bank and the European Commission for such an alternative. The answer for the question formulated in the title will decide about real convergence by CEE countries to the present countries of the EU. It will also allow them sharing benefits from joining the single currency area.

Europe in 12 Lessons

Author : Pascal Fontaine
Publisher :
ISBN 13 : 9789279535901
Total Pages : 114 pages
Book Rating : 4.5/5 (359 download)

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Book Synopsis Europe in 12 Lessons by : Pascal Fontaine

Download or read book Europe in 12 Lessons written by Pascal Fontaine and published by . This book was released on 2017 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Euro Adoption in Central and Eastern Europe

Author : Ms.Susan Schadler
Publisher : International Monetary Fund
ISBN 13 : 9781589063709
Total Pages : 222 pages
Book Rating : 4.0/5 (637 download)

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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.

The European Union

Author : Kristin Archick
Publisher : Independently Published
ISBN 13 : 9781790729203
Total Pages : 34 pages
Book Rating : 4.7/5 (292 download)

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Book Synopsis The European Union by : Kristin Archick

Download or read book The European Union written by Kristin Archick and published by Independently Published. This book was released on 2018-12-04 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union (EU) is a unique partnership in which member states have pooled sovereignty in certain policy areas and harmonized laws on a wide range of economic and political issues. The EU is the latest stage in a process of European integration begun after World War II, initially by six Western European countries, to promote peace, security, and economic development. The EU currently consists of 28 member states, including most of the formerly communist countries of Central and Eastern Europe. The EU is largely viewed as a cornerstone of European stability and prosperity. For much of the last decade, however, many EU countries have faced considerable economic difficulties. Despite an improved economic situation in the EU since 2017, economic pressures and societal changes have contributed to the rise of populist and antiestablishment political parties, at least some of which harbor anti-EU or "euroskeptic" sentiments. Such trends have complicated the EU's ability to deal with multiple internal and external challenges. Among the most prominent challenges are the pending departure of the United Kingdom (UK) from the EU ("Brexit"); democracy and rule-of-law concerns in Poland, Hungary, and other EU members; migration and related societal integration concerns; a resurgent Russia; and a heightened terrorism threat. Amid these difficult issues, some are questioning the future shape and character of the EU are being. Supporters of the EU worry that some aspects of EU integration could be stopped or reversed. Others contend that the multiple crises could produce some beneficial reforms that ultimately would transform the EU into a more effective, cohesive entity. Recently, considerable attention has focused on developing a "multispeed EU," in which some EU members could pursue greater integration in specified areas and others could opt out. Successive U.S. Administrations and many Members of Congress long have supported the European integration project, viewing it as crucial to European peace and security and as a way to foster strong U.S. allies and trading partners. Despite some tensions over the years, the United States and the EU share a dynamic political partnership on various foreign policy issues and an extensive trade and investment relationship. How the EU evolves in the years ahead may have strategic and economic repercussions for the United States. At the same time, some EU leaders are concerned about President Trump's apparent skepticism of the EU and his reported assessment of the bloc as an economic competitor. Those of this view also worry that elements of the Trump Administration's "America First" foreign policy-such as the U.S. decision to withdraw from the 2015 multilateral nuclear deal with Iran-pit the United States against the EU. A number of European officials and analysts question whether traditional U.S. support for close U.S.-EU relations may be shifting and whether the United States will remain a reliable international partner. Some observers suggest that managing relations with the United States under the Trump Administration has emerged as another, somewhat unexpected, challenge for the EU. At the same time, many in the EU hope to preserve close U.S.-EU ties and EU policymakers continue to seek to cooperate with the Trump Administration where possible on issues of common interest and concern. This report provides a brief history of the EU and the major challenges confronting the bloc. It also discusses the potential implications for the EU and for U.S.-EU relations.

Democracy Promotion and the Normative Power Europe Framework

Author : Marek Neuman
Publisher : Springer
ISBN 13 : 331992690X
Total Pages : 205 pages
Book Rating : 4.3/5 (199 download)

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Book Synopsis Democracy Promotion and the Normative Power Europe Framework by : Marek Neuman

Download or read book Democracy Promotion and the Normative Power Europe Framework written by Marek Neuman and published by Springer. This book was released on 2018-07-20 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a topical, holistic assessment of the European Union’s democracy promotion in South-East Europe, Eastern Europe, and Central Asia, analyzed through the prism of the Normative Power Europe (NPE) framework of transnational policy formation. To do so, it brings together three scholarly domains that traditionally stand apart and are discussed separately. The first addresses the notion of the European Union conducting a normatively-driven foreign policy both near and far abroad. The second is concerned with the legitimacy, operationality, and effectiveness of promoting democracy in third-world countries. The third addresses the quality of the relationship the European Union has been able to establish with some vital – yet often troubled – countries in South-East Europe, Eastern Europe, and Central Asia. Finally, based on the empirical findings presented in each chapter, this volume concludes by rethinking the concept and relevance of NPE to the field’s understanding of the EU’s foreign policy making. This edited volume offers the reader both a theoretically and empirically rich analysis of the European Union’s efforts to promote democracy abroad. As such is scholars and students of EU studies, particularly EU foreign policy, as well as policy makers at EU and national level and civil society representatives responsible for designing/implementing democracy promoting projects on the ground.

The European Union

Author : Kristin Archick
Publisher :
ISBN 13 : 9781693263408
Total Pages : 28 pages
Book Rating : 4.2/5 (634 download)

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Book Synopsis The European Union by : Kristin Archick

Download or read book The European Union written by Kristin Archick and published by . This book was released on 2019-09-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union (EU) is a political and economic partnership that represents a unique form of cooperation among sovereign countries. The EU is the latest stage in a process of integration begun after World War II, initially by six Western European countries, to foster interdependence and make another war in Europe unthinkable. The EU currently consists of 28 member states, including most of the countries of Central and Eastern Europe, and has helped to promote peace, stability, and economic prosperity throughout the European continent. The EU has been built through a series of binding treaties. Over the years, EU member states have sought to harmonize laws and adopt common policies on an increasing number of economic, social, and political issues. EU member states share a customs union; a single market in which capital, goods, services, and people move freely; a common trade policy; and a common agricultural policy. Nineteen EU member states use a common currency (the euro), and 22 member states participate in the Schengen area of free movement in which internal border controls have been eliminated. In addition, the EU has been developing a Common Foreign and Security Policy (CFSP), which includes a Common Security and Defense Policy (CSDP), and pursuing cooperation in the area of Justice and Home Affairs (JHA) to forge common internal security measures. Member states work together through several EU institutions to set policy and to promote their collective interests. In recent years, however, the EU has faced a number of internal and external crises. Most notably, in a June 2016 public referendum, voters in the United Kingdom (UK) backed leaving the EU. The pending British exit from the EU (dubbed "Brexit") comes amid multiple other challenges, including the rise of populist and to some extent anti-EU political parties, concerns about democratic backsliding in some member states (including Poland and Hungary), ongoing pressures related to migration, a heightened terrorism threat, and a resurgent Russia. The United States has supported the European integration project since its inception in the 1950s as a means to prevent another catastrophic conflict on the European continent and foster democratic allies and strong trading partners. Today, the United States and the EU have a dynamic political partnership and share a huge trade and investment relationship. Despite periodic tensions in U.S.-EU relations over the years, U.S. and EU policymakers alike have viewed the partnership as serving both sides' overall strategic and economic interests. EU leaders are anxious about the Trump Administration's commitment to the EU project, the transatlantic partnership, and an open international trading system-especially amid the Administration's imposition of tariffs on EU steel and aluminum products since 2018 and the prospects of future auto tariffs. In July 2018, President Trump reportedly called the EU a "foe" on trade but the Administration subsequently sought to de-escalate U.S.-EU tensions and signaled its intention to launch new U.S.-EU trade negotiations. Concerns also linger in Brussels about the implications of the Trump Administration's "America First" foreign policy and its positions on a range of international issues, including Russia, Iran, the Israeli-Palestinian conflict, climate change, and the role of multilateral institutions. This report serves as a primer on the EU. Despite the UK's vote to leave the EU, the UK remains a full member of the bloc until it officially exits the EU (which is scheduled to occur by October 31, 2019, but may be further delayed). As such, this report largely addresses the EU and its institutions as they currently exist. It also briefly describes U.S.-EU political and economic relations that may be of interest.

European Union Enlargement and Integration Capacity

Author : Tanja Börzel
Publisher : Routledge
ISBN 13 : 1351377671
Total Pages : 282 pages
Book Rating : 4.3/5 (513 download)

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Book Synopsis European Union Enlargement and Integration Capacity by : Tanja Börzel

Download or read book European Union Enlargement and Integration Capacity written by Tanja Börzel and published by Routledge. This book was released on 2017-10-24 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of the Eastern enlargement, the biggest so far, are still felt across the European Union (EU). Many warned the EU was about to overreach the limits of its integration capacity. More than a decade later, this book presents a broad-based and systematic evaluation of the 2004–2007’s enlargement and its impact on the EU. In contrast to widespread scepticism, our results show that the EU’s integration capacity has been strong. Credible accession conditionality and pre-accession assistance have had a positive impact on democracy, governance capacity, and economic transformation, at least before accession. After accession, EU institutions have proven resilient. Eastern enlargement has not affected negatively the legislative capacity of the EU. It has not led to a deterioration of compliance and implementation of EU law either; initial differentiated integration has quickly returned to normal levels. This generally positive assessment stands in stark contrast with increasing public opposition to future EU enlargements. We identify some less known sources of such opposition: the lack of communication and political debate about enlargement between EU leaders and their citizens. Public opposition undermines the credibility of EU conditionality, which is crucial for having a positive impact on neighbouring countries in the future. The chapters in this book originally appeared in a special issue in the Journal of European Public Policy.

A Continent Moving West?

Author : Richard Black
Publisher : Amsterdam University Press
ISBN 13 : 9089641564
Total Pages : 342 pages
Book Rating : 4.0/5 (896 download)

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Book Synopsis A Continent Moving West? by : Richard Black

Download or read book A Continent Moving West? written by Richard Black and published by Amsterdam University Press. This book was released on 2010 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dit boek beschrijft de toename van migratie uit Oost-europese landen in de periode van 2004-2007, na toetreding tot de EU. Het bevat nieuwe empirische 'casestudies' van migratiepatronen, zowel gebaseerd op veldwerk als op de analyse van bestaande statistieken.

The European Fund for Strategic Investments: The Legacy

Author : European Investment Bank
Publisher : European Investment Bank
ISBN 13 : 9286148151
Total Pages : 81 pages
Book Rating : 4.2/5 (861 download)

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Book Synopsis The European Fund for Strategic Investments: The Legacy by : European Investment Bank

Download or read book The European Fund for Strategic Investments: The Legacy written by European Investment Bank and published by European Investment Bank. This book was released on 2021-01-07 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inside story of the European Fund for Strategic Investments from 2015 to 2020 told through interviews with the Managing Director, Deputy Managing Director, members of the Investment Committee and final beneficiaries across Europe. The architects of this €500 billion-plus programme, the head of the EU bank and the president of the European Commission, describe the genesis of this financial pillar of the Investment Plan for Europe. Then the people who ran one of the biggest economic stimulus programmes in history detail how they did it—and what the lessons are for policymakers responding to new crises, including the economic shock caused by the COVID-19 pandemic. The European Fund for Strategic Investments has been one of the good news stories to emerge in a decade of economic uncertainty. It has gone well beyond its highly ambitious target of €500 billion in mobilised investments. The Juncker Plan has made a strong contribution to the 14 million jobs created in the EU between 2015 and 2020. It has become a success in co-financing projects that otherwise might not have been carried through. It has also charted the path towards new ways of financing. This is not only the case in relatively conventional areas, such as infrastructure, but also in sectors like research and innovation or the contribution to climate change mitigation. This is exactly what makes EFSI so ground-breaking: responding to the needs of the market through continuous financial innovation. The principle of the European Fund for Strategic Investments is here to stay. It has paved the way for its successor, the InvestEU programme, which is to be deployed under the 2021-2027 multiannual financial framework. This publication details why the programme was such a success.

Central and Eastern Europe

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475518439
Total Pages : 105 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Central and Eastern Europe by : International Monetary Fund. European Dept.

Download or read book Central and Eastern Europe written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-04-07 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues Paper’s objective is to illustrate economic benefits and costs from euro adoption by reviewing the main arguments and empirical evidence in Central and Eastern Europe: New Member States (NMS). The parameters of the euro adoption debate have shifted. Although countries joining the euro area in the 2000s could expect to benefit from a significant country risk premium, this premium has mostly vanished with the euro crisis. The NMS that have maintained exchange rate flexibility and monetary policy autonomy have, in general, made good use of it. During convergence, nominal currency appreciation supported more balanced growth and restrained credit and asset price booms. It is an open question whether the macroeconomic volatility of the past decade will recur. If divergent growth patterns and volatility were to repeat, euro adoption would constrain macro-policy options, especially for economies with large income gaps and asynchronized business cycles vis-à-vis the euro area. Thus, a large burden would be placed on other policy instruments to safeguard balanced growth, notably counter-cyclical fiscal policy and macro-prudential policies. Structural reforms to boost growth potential and facilitate internal adjustment would also be important.

Andorra and the European Union

Author : Michael Emerson
Publisher : CEPS
ISBN 13 : 9290797339
Total Pages : 152 pages
Book Rating : 4.2/5 (97 download)

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Book Synopsis Andorra and the European Union by : Michael Emerson

Download or read book Andorra and the European Union written by Michael Emerson and published by CEPS. This book was released on 2007 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The European Central Bank

Author : Hanspeter K. Scheller
Publisher :
ISBN 13 : 9789289900270
Total Pages : 229 pages
Book Rating : 4.9/5 (2 download)

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Book Synopsis The European Central Bank by : Hanspeter K. Scheller

Download or read book The European Central Bank written by Hanspeter K. Scheller and published by . This book was released on 2006 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

Europe and the Euro

Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 9780226012834
Total Pages : 476 pages
Book Rating : 4.0/5 (128 download)

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Book Synopsis Europe and the Euro by : Alberto Alesina

Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-01 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.

Monetary Aspects of Enlargement - Central and Eastern Europe, EMU and the ERM-2

Author : Ulrich Machold
Publisher : GRIN Verlag
ISBN 13 : 3638886247
Total Pages : 65 pages
Book Rating : 4.6/5 (388 download)

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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

The Europeanization of Central and Eastern Europe

Author : Frank Schimmelfennig
Publisher : Cornell University Press
ISBN 13 : 9780801489617
Total Pages : 278 pages
Book Rating : 4.4/5 (896 download)

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Book Synopsis The Europeanization of Central and Eastern Europe by : Frank Schimmelfennig

Download or read book The Europeanization of Central and Eastern Europe written by Frank Schimmelfennig and published by Cornell University Press. This book was released on 2005 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates the importance of the credibility and the costs of accession conditionality for the adoption of EU rules in Central and Eastern Europe.

Enlarging the Euro Area

Author : Kenneth Dyson
Publisher : Oxford University Press, USA
ISBN 13 : 0199277672
Total Pages : 395 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Enlarging the Euro Area by : Kenneth Dyson

Download or read book Enlarging the Euro Area written by Kenneth Dyson and published by Oxford University Press, USA. This book was released on 2006-11-02 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to offer the first in-depth and systematic analysis of the challenges of the Euro Area and the eastward enlargement of the European Union. It focuses in particular on how the prolonged process of accession to the Euro Area is affecting domestic economic policies in the accession states of east central Europe.It contributes to Europeanization studies, comparative political economy and to studies of Economic and Monetary Union. It also provides a picture of processes of domestic transformation in such countries as the three Baltic States, Bulgaria, the Czech Republic, Hungary, Poland and Romania.The book brings together a range of recognized experts from across Europe and combines country and sectoral case studies with a thematic treatment. It begins by offering an 'outside-in' perspective, which situates the effects of EMU on the accession states in the wider context of the development of global economic norms. The second part focuses on an 'inside-out' analysis of how Euro Area accession affects the states of east central Europe - their policies, politics and public institutions. Thefinal part assesses how Euro Area accession is affecting key policy sectors in east central Europe: financial market regulation, fiscal policies and welfare states and labour markets.