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Northern and Eastern Enlargement of EMU: Do Structural Reforms Matter?

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  • Morten Balling
    ()

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Author Info

  • Andrew Hughes Hallett
  • Svend E Hougaard Jensen
  • Christian Richter

Abstract

This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or fiscal reform brings costs for both new entrants and in the existing union. Countries will only want to join a union where there has been sufficient reform, and where markets are more flexible than their own. But existing members will want the same properties of their new partners as well. Fiscal restrictions, or a lack of fiscal flexibility, will exaggerate this incentive mismatch and may delay the necessary reforms.

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Bibliographic Info

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This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2004/3 and published in 2004.

ISBN: 978-3-902109-22-4
Handle: RePEc:erf:erfstu:30

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Related research

Keywords: EMU; Enlargement; Structural Flexibility; Fiscal Policy.;

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References

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  1. Cem Karacadag & Michael Taylor, 2000. "The New Capital Adequacy Framework," IMF Working Papers 00/93, International Monetary Fund.
  2. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? - A Critical Analysis," SUERF Studies, SUERF - The European Money and Finance Forum, number 2 edited by Morten Balling.
  3. Stephen Nickell, 1997. "Unemployment and Labor Market Rigidities: Europe versus North America," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 55-74, Summer.
  4. Laurence Boone & Claude Giorno & Mara Meacci & Dave Rae & Pete Richardson & Dave Turner, 2001. "Estimating the structural rate of unemployment for the OECD countries," OECD Economic Studies, OECD Publishing, vol. 2001(2), pages 171-216.
  5. Hughes Hallett, Andrew & Viegi, Nicola, 2001. "Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?," CEPR Discussion Papers 2979, C.E.P.R. Discussion Papers.
  6. Ozkan, F Gulcin & Sibert, Anne & Sutherland, Alan, 1997. "Monetary Union, Entry Conditions and Economic Reform," CEPR Discussion Papers 1720, C.E.P.R. Discussion Papers.
  7. Miguel Sebasti‡n & Carmen Hernansanz, 2000. "The Spanish Banks' Strategy in Latin America," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  8. Franco Bruni & Christian de Boissieu, 2000. "Lending of Last Resort and Systemic Stability in the Eurozone," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  9. George Gelauff & Corina den Broeder, 1997. "Governance of stakeholder relationships: The German and Dutch experience," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  10. Peter R Haiss & Gerhard Fink, 1998. "Seven Years of Financial Market Reform in Central Europe," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  11. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? A critical analysis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  12. Cem Karacadag & Michael W. Taylor, 2000. "The New Capital Adequacy Framework: Institutional Constraints and Incentive Structures," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  13. Sanjiva Prasad & Christopher J. Green & Victor Murinde, 2001. "Company Financing, Captial Structure, and Ownership: A Survey, and Implications for Developing Economies," SUERF Studies, SUERF - The European Money and Finance Forum, number 12 edited by Morten Balling.
  14. David T. Llewellyn, 2002. "The Future for Small & Regional Banks in Europe," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  15. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets After the Crisis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
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