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EMU Strategies: Lessons from Past Experience in View of EU Enlargement

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  • Theodoros S. Papaspyrou

    ()
    (Bank of Greece, Economic Research Department)

Abstract

This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s which led to the adoption of the euro. From this analysis, a number of lessons are drawn which may be useful, in the light of enlargement, to future candidates for euro area membership in designing their economic and monetary convergence strategies. The paper concludes that the existing Community institutions, rules and mechanisms provide a helpful framework to guide the convergence effort of accession countries towards EMU and ensure the implementation of sound economic policies thereafter.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper200411.pdf
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Bibliographic Info

Paper provided by Bank of Greece in its series Working Papers with number 11.

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Length: 41 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:bog:wpaper:11

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Web page: http://www.bankofgreece.gr
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Related research

Keywords: EMU strategies; monetary integration in Europe; Greece’s convergence effort; EU enlargement and euro membership; EMS; ERM; ERM II; capital movements;

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References

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  1. Heather D. Gibson & Euclid Tsakalotos, 2004. "Capital flows and speculative attacks in prospective EU member states," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(3), pages 559-586, 09.
  2. Zenon Kontolemis, 2003. "Exchange rates are a matter of common concern: policies in the run-up to the euro?," European Economy - Economic Papers 191, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  3. Padoa-Schioppa, Tommaso, 2003. "Trajectories towards the Euro and the Role of ERM II," International Finance, Wiley Blackwell, vol. 6(1), pages 129-44, Spring.
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Citations

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Cited by:
  1. Hans Genberg, 2006. "Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?," Working Papers 152006, Hong Kong Institute for Monetary Research.
  2. Theodoros S. Papaspyrou, 2007. "Economic Policy in EMU: Community Framework and National Strategies – focus on Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 04, Hellenic Observatory, LSE.
  3. Ileana Tache, 2010. "The Challenges of Euro Adoption in Romania: Some Lessons from the Greek Experience," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 171-186.
  4. Iulia Siedschlag & Juergen von Hagen, 2006. "Macroeconomic Adjustment in the New EU Member States," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  5. Mark M. Spiegel, 2009. "Monetary and Financial Integration in the EMU: Push or Pull?," Review of International Economics, Wiley Blackwell, vol. 17(4), pages 751-776, 09.
  6. Max Watson, 2007. "Growing Together? – Prospects for Economic Convergence and Reunification in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 07, Hellenic Observatory, LSE.
  7. George A. Christodoulakis & Stephen E Satchell, 2006. "Exact Elliptical Distributions for Models of Conditionally Random Financial Volatility," Working Papers 32, Bank of Greece.
  8. Eleni Angelopoulou, 2005. "The Comparative Performance of Q-type and Dynamic Models of Firm Investment: Empirical Evidence from the UK," Working Papers 27, Bank of Greece.
  9. Mark M. Spiegel, 2009. "Monetary and financial integration: Evidence from the EMU," NBER Chapters, in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
  10. Theodoros S. Papaspyrou, 2007. "Economic policy in EMU: community framework and national strategies - focus on Greece," LSE Research Online Documents on Economics 5631, London School of Economics and Political Science, LSE Library.
  11. Eleftheriou, Maria & Gerdesmeier, Dieter & Roffia, Barbara, 2006. "Monetary policy rules in the pre-EMU era: Is there a common rule?," Working Paper Series 0659, European Central Bank.
  12. George S. Tavlas & P.A.V.B. Swamy, 2006. "The New Keynesian Phillips Curve and Inflation Expectations: Re-Specification and Interpretation," Working Papers 34, Bank of Greece.

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