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Macroeconomic Challenges with Eu Accession in Southeastern Europe

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  • Piritta Sorsa
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    Abstract

    The paper reviews key macroeconomic challenges with EU accession in Southeastern Europe (SEE). Most of the countries in the region are years away from EU accession and need substantial progress to meet the key macroeconomic criteria-the establishment of a functioning market economy and macroeconomic stability. The former calls for further structural reforms. While macroeconomic stability is essential throughout the EU accession process, the importance of specific outcomes increases in the last stage of accession, when countries face decisions to apply for entry into the ERM2 and the Maastricht criteria (Bulgaria and Romania). The main challenges with establishing macroeconomic stability in other countries are related to sustainability of their monetary frameworks, risks from rapid financial deepening, and further fiscal consolidation to support growth and stabilization. Most of the SEE countries have room to lower public spending and increase the share of pro-growth spending.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/40.

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    Length: 27
    Date of creation: 01 Feb 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/40

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    Keywords: Markets; European Union; exchange rate; inflation; macroeconomic stability; monetary policy; exchange rate anchor; exchange rate anchors; foreign exchange; foreign currency; inflation targeting; exchange rate arrangements; currency boards; exchange rates; inflation dynamics; low inflation; foreign exchange market; exchange restrictions; inflation rates; effective exchange rates; lower inflation; flexible exchange rate; current accounts; real exchange rate; high inflation; nominal exchange rate; real effective exchange rates; exchange rate volatility; inflation target; exchange risk; exchange rate fluctuations; exchange rate targeting; exchange rate risks; inflation targeting framework; exchange rate regimes; exchange rate regime; foreign exchange risk; exchange rate parity; country exchange rate; inflation rate; fixed exchange rate; currency exchange rate; inflationary pressures; fixed exchange rates; currency exchange; current exchange rate; money growth;

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    1. Falcetti, Elisabetta & Lysenko, Tatiana & Sanfey, Peter, 2006. "Reforms and growth in transition: Re-examining the evidence," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 421-445, September.
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    Cited by:
    1. Václav Žďárek, 2009. "Challenges for the new EU member states on the road to the Eurozone," International Economics and Economic Policy, Springer, Springer, vol. 6(2), pages 157-177, July.
    2. Václav Žďárek & Jaromír Šindel, 2007. "Real and Nominal Convergence and the New EU Member States - Actual State and Implications," Prague Economic Papers, University of Economics, Prague, University of Economics, Prague, vol. 2007(3), pages 195-219.

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