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The Monetary Integration of the New Member States before the Euro Area Debt Crisis

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  • Ivan Todorov

    (South-West University ‘Neofit Rilski,’ Bulgaria)

Abstract

This paper analyzes the process of monetary integration of the New Member States in the European Union till the beginning of the Euro Area debt crisis. The focus of investigation is on the nominal convergence (the fulfillment of the Maastricht criteria) and on the satisfaction of the Optimum Currency Area criteria by the New Member States. More specifically, the trade integration, the financial integration, the output structure and the labor markets of the New Member States are explored from the standpoints of the Optimum Currency Area theory and in the context of the future membership of the New Member States in the Euro Area. The experience of the NMS, which have already adopted the Euro, is also reviewed.

Suggested Citation

  • Ivan Todorov, 2013. "The Monetary Integration of the New Member States before the Euro Area Debt Crisis," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 11(4 (Winter), pages 375-390.
    • Handle: RePEc:mgt:youmgt:v:11:y:2013:i:4:p:375-390
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    File URL: http://www.fm-kp.si/zalozba/ISSN/1581-6311/11_375-390.pdf
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    References listed on IDEAS

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    Cited by:

    1. Ionel Bostan & Otilia-Roxana Oprea & Ovidiu Stoica, 2020. "Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU," Sustainability, MDPI, vol. 12(17), pages 1-15, August.
    2. Kalina Durova, 2019. "Are the New Member States Ready to Join the Euro Area? A Business Cycle Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 72-95.
    3. Ivan Todorov & Aleksandar Aleksandrov & Kalina Durova, 2018. "Future Euro Area Membership Of Bulgaria In Terms Of The Business Cycle," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 4 Year 20, pages 3-14.

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    More about this item

    Keywords

    New Member States; monetary integration; nominal convergence; Optimum Currency Area theory; macroeconomic policy;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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