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Shall the New EU Members Introduce the Euro? Some Macroeconomic Policy Effects

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  • Gottfried Haber
  • Reinhard Neck

Abstract

After the EU enlargement in 2004, there is a clear commitment of the EU and the new member states to aim at an enlargement of the euro zone within the European Economic and Monetary Union (EMU) as well. This might have significant effects on the “old” EMU, the “new members,” and even on the global economy. The present paper analyzes some macroeconomic effects and particularly the impact on the effects of stabilization policies when switching to an enlarged euro zone under different assumptions about fiscal and monetary policy regimes in Europe and under alternative types of economic shocks. Also, the implications for the US of different European monetary regimes are evaluated. The results suggest that economic benefits for all countries are rather small. For the Central and Eastern European countries (CEECs), even disadvantages may dominate. Copyright International Atlantic Economic Society 2005

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File URL: http://hdl.handle.net/10.1007/s11293-005-3751-4
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Bibliographic Info

Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

Volume (Year): 33 (2005)
Issue (Month): 2 (June)
Pages: 139-149

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Handle: RePEc:kap:atlecj:v:33:y:2005:i:2:p:139-149

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Keywords: E52; E63; C50; C70;

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  1. Eijffinger, Sylvester & Haan, Jakob de, 2000. "European Monetary and Fiscal Policy," OUP Catalogue, Oxford University Press, number 9780198776161.
  2. Reinhard Neck & GOTTFRIED Haber & WARWICK Mckibbin, 2004. "European Monetary and Fiscal Policies after the EU Enlargement," Economic Change and Restructuring, Springer, vol. 31(2), pages 229-245, June.
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Cited by:
  1. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 7(4), pages 17-21, December.

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