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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
File Function: Full Text
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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;

Find related papers by JEL classification:

• E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
• E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
• E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
• E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
• F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
• F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
• F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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1. Heather D Gibson & Euclid Tsakalotos, 2003. "Capital Flows and Speculative Attacks in Prospective EU Member States," Working Papers 06, Bank of Greece.
   
   • 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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Cited by:

1. Hans Genberg, 2006. "Exchange-rate arrangements and financial integration in East Asia: on a collision course?," International Economics and Economic Policy, Springer, vol. 3(3), pages 359-377, December.
   
   • Hans Genberg, 2006. "Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?," Working Papers 122, Oesterreichische Nationalbank (Austrian Central Bank).
   • 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.
   • Hans Genberg, 2006. "Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?," Working Papers 41, Bank of Greece.
2. 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.
3. 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.
   
   • P. Swamy & George Tavlas, 2007. "The New Keynesian Phillips Curve and Inflation Expectations: Re-Specification and Interpretation," Economic Theory, Springer, vol. 31(2), pages 293-306, May.
4. George Stubos & Ioannis Tsikripis, 2005. "Regional Integration Challenges in South East Europe: Banking Sector Trends," Working Papers 24, Bank of Greece.
5. Mark M. Spiegel, 2008. "Monetary and financial integration in the EMU: Push or pull?," Working Paper Series 2008-11, Federal Reserve Bank of San Francisco.
   
   • 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. Mark M. Spiegel, 2004. "Monetary and financial integration: evidence from the EMU," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Aug 6.
   
   • 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.
   • Spiegel, Mark M., 2009. "Monetary and financial integration: Evidence from the EMU," Journal of the Japanese and International Economies, Elsevier, vol. 23(2), pages 114-130, June.

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