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Challenges for Monetary Policy in the Enlarged European Monetary Union

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  • Irena Radović

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    (Ministry of Foreign Affairs of Montenegro)

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    Abstract

    The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly the issue of the voting mechanism within the ECB. When analyzing those two issues, it is conclusive that the difficulties for the ECB and the current Euro zone members will increase. For the enlarged Euro zone, which is becoming more divergent, it will be very hard to find adequate recipes to meet the needs and requirements of all. The big question is: whether centralisation of monetary policy is a sustainable and superior solution?

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    File URL: http://www.panoeconomicus.rs/casopis/first/pan_%20challenges%20for%20monetary%20policy%20in%20the%20enlarged%20european%20monetary%20union.pdf
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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 56 (2009)
    Issue (Month): 1 (March)
    Pages: 95-110

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    Handle: RePEc:voj:journl:v:56:y:2009:i:1:p:95-110

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: European Monetary Union; EU enlargement; Monetary policy; ECB reform;

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    1. Fatum, Rasmus, 2006. "One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 659-669, May.
    2. Barry Eichengreen & Fabio Ghironi, 2000. "EMU and Enlargement," Boston College Working Papers in Economics 481, Boston College Department of Economics, revised 01 May 2001.
    3. Fidrmuc, Jarko & Korhonen, Iikka, 2003. "Similarity of supply and demand shocks between the euro area and the CEECs," Economic Systems, Elsevier, vol. 27(3), pages 313-334, September.
    4. Carsten Hefeker, 2003. "Federal Monetary Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(4), pages 643-659, December.
    5. Ignazio Angeloni & Michael Flad & Francesco Paolo Mongelli, 2005. "Economic and monetary integration of the new Member States - helping to chart the route," Occasional Paper Series 36, European Central Bank.
    6. Georgy Ganev & Krisztina Molnar & Krzysztof Rybinski & Przemyslaw Wozniak, 2002. "Transmission Mechanism of Monetary Policy in Centraland Eastern Europe," CASE Network Reports 0052, CASE-Center for Social and Economic Research.
    7. Peter B. Kenen & Ellen E. Meade, 2003. "EU Accession and the Euro: Close Together or Far Apart?," Policy Briefs PB03-09, Peterson Institute for International Economics.
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