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Adopting the Euro: an Introduction to Four Country Studies

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  • C Maxwell Watson

    (Wolfson College, University of Oxford, Linton Road, Oxford OX2 6UD, UK.)

Abstract

This paper introduces four studies on adoption of the euro in Croatia, Estonia, Hungary and Poland. It notes a common analytical framework, rooted in the optimal currency area literature, and a welcome emphasis on financial market issues. The paper highlights the importance of differing country circumstances – the currency board in Estonia, or de facto euroisation in Croatia. But it focuses particular attention on some key differences of judgement in the papers: how central is flexibility in the real economy, or fiscal credibility? And is a floating exchange rate a source of instability or a safety valve? In conclusion, the paper underscores that the authors – even when advocating early euroisation – surface important policy prerequisites, and some sobering risks along the way. Comparative Economic Studies (2004) 46, 95–103. doi:10.1057/palgrave.ces.8100035

Suggested Citation

  • C Maxwell Watson, 2004. "Adopting the Euro: an Introduction to Four Country Studies," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 46(1), pages 95-103, March.
    • Handle: RePEc:pal:compes:v:46:y:2004:i:1:p:95-103
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    Cited by:

    1. Orlowski, Lucjan T., 2004. "Exchange rate risk and convergence to the Euro," ZEI Working Papers B 25-2004, University of Bonn, ZEI - Center for European Integration Studies.
    2. Bertrand Venard & Martin Halek & Mark S. Dorfman, 2008. "The Hungarian Insurance Market: Economic Transition in the Insurance Sector," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 11(2), pages 377-396, September.

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