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The Exchange Rate Strategies Adopted by the EU Accession Countries of Central and Eastern Europe

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  • Virginie Coudert
  • Jean-Patrick Yanitch

Abstract

[fre] Les stratégies de change des pays d’Europe Centrale et Orientale candidats à l’Union européenne . Les PECO candidats à l’UE connaissent une situation inédite dans le choix de leur régime de change. Ils doivent, non seulement réaliser la stabilisation de leur économie en poursuivant la transition vers l’économie de marché, mais ils doivent également tenir compte de la perspective institutionnelle d’intégration, tout d’abord, dans l’UE, puis dans une union monétaire aux côtés d’économies avec des exigences fortes en matière de stabilité des prix. Cet article décrit brièvement ce cadre institutionnel particulier, puis propose un schéma général qui permet de décrire l’évolution de la plupart des régimes de change des PECO, depuis le début de leur transition jusqu’à leur future entrée dans le MCE 2. Nous utilisons ensuite cette grille d’analyse pour appréhender les stratégies de change observées. Nous discutons ensuite les questions posées par la participation au MCE 2. . Classification JEL : F31, P20 [eng] The CEECs candidates to join the EU are facing an original situation as they decide which exchange rate regime to adopt. They have to stabilize their economy while continuing the transition towards a market economy. They also have to take into account the institutional consequences of the relatively near-term prospect of integration within the EU, followed by membership of a monetary union with stringent demands in terms of price stability. This article addresses the issue of this particular institutional framework. Then it gives a general explanation of the process to illustrate the choice of exchange rate regime by most CEECs from the outset of transition to future entry in ERM II. We consider the strategies adopted through the prism of this analytical framework. We then discuss the issues raised by the future participation in the ERM II. . JEL classifications : F31, P20

Suggested Citation

  • Virginie Coudert & Jean-Patrick Yanitch, 2001. "The Exchange Rate Strategies Adopted by the EU Accession Countries of Central and Eastern Europe," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 345-360.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2001_hos_6_1_4566
    DOI: 10.3406/ecofi.2001.4566
    Note: DOI:10.3406/ecofi.2001.4566
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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