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Acceding Countries: The Road to the Euro

In: Designing the European Model

Author

Listed:
  • Seppo Honkapohja

    (Bank of Finland
    EEAG)

  • Frank Westermann

    (EEAG
    University of Osnabrueck)

Abstract

The ten acceding countries are expected to join the euro area at some point in the next few years. Their participation in the monetary union is seen as the end-point of their process of integration in the EU. In the “pre-accession phase,” the acceding countries have fulfilled the acquis communautaire in the area of EMU: they have implemented reforms to make their institutions compatible with joining the European Union (for example, they have made their central banks independent) and liberalised capital flows. At the start of the “accession phase,” they are expected to pursue policies aimed at fulfilling the nominal convergence criteria established by the Maastricht Treaty and qualify for joining the euro area. The third and final phase will start with the formal replacement of domestic currencies with the European currency.

Suggested Citation

  • Seppo Honkapohja & Frank Westermann, 2009. "Acceding Countries: The Road to the Euro," Palgrave Macmillan Books, in: Seppo Honkapohja & Frank Westermann (ed.), Designing the European Model, chapter 7, pages 229-258, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23665-3_8
    DOI: 10.1057/9780230236653_8
    as

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    References listed on IDEAS

    as
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