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Poland. The EMU entry strategy vs. the monetary issues

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  • Kowalski, Tadeusz
  • Kowalski, Pawel
  • Wihlborg, Clas

Abstract

The aim of this overview article is to examine and assess monetary issues crucial for the Economic and Monetary Union (EMU) entry strategy. The optimum currency area (OCA) criteria are not used in assessing Polish suitability for the EMU, as they were not decisive in the process of the EMU creation. The degree of the Maastricht criteria fulfilment by the existing members on the examination date, i.e. on 1 January 1997 is analysed. Further, the official European Central Bank (ECB) and Commission position regarding the enlargement of the monetary union is presented. Next, we attempt to present the rationale behind the early EMU strategy in the case of Poland. We also use data on Slovenia to demonstrate and compare different roads and attitudes to the EMU. The state of convergence of monetary and economic variables are presented and assessed. To address the issue of convergence, the ability to sustainably meet the Maastricht criteria are also considered.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42599.

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Date of creation: 2007
Date of revision: 2007
Publication status: Published in Poznan University of Economics Review 2.7(2007): pp. 59-88
Handle: RePEc:pra:mprapa:42599

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Keywords: Economic and Monetary Union; EMU entrance strategy; nominal convergence; Balassa-Samuelson effect; Poland;

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References

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  1. Charles van Marrewijk, 2004. "An introduction to international money and foreign exchange markets," International Finance 0410006, EconWPA.
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  5. Marek Rozkrut, 2003. "The monetary and fiscal policy mix in Poland," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal issues and central banking in emerging economies, volume 20, pages 214-217 Bank for International Settlements.
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  7. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386, September.
  8. Balázs Egert, 2002. "Investigating the Balassa-Samuelson hypothesis in the transition: Do we understand what we see? A panel study," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 273-309, July.
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  11. Balázs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," CESifo Working Paper Series 2127, CESifo Group Munich.
  12. Green, Christopher J. & Holmes, Mark J. & Kowalski, Tadeusz, 2001. "Poland: a successful transition to budget sustainability?," Emerging Markets Review, Elsevier, vol. 2(2), pages 161-183, June.
  13. Giancarlo Corsetti & Paolo Pesenti, 2002. "Self-validating optimum currency areas," Staff Reports 152, Federal Reserve Bank of New York.
  14. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
  15. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
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  17. Hochreiter, Eduard & Tavlas, George S., 2004. "On the road again: an essay on the optimal path to EMU for the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 793-816, October.
  18. Bohdan Klos & Ewa Wrobel, 2001. "The monetary transmission mechanism and the structural modelling of inflation at the National Bank of Poland," BIS Papers chapters, in: Bank for International Settlements (ed.), Modelling aspects of the inflation process and the monetary transmission mechanism in emerging market countries, volume 8, pages 232-251 Bank for International Settlements.
  19. Dubravko Mihaljek & Marc Klau, 2003. "The Balassa-Samuelson effect in central Europe: a disaggregated analysis," BIS Working Papers 143, Bank for International Settlements.
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Citations

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Cited by:
  1. Kowalski, Tadeusz & Shachmurove, Yochanan, 2014. "The reaction of the U.S. and the European Monetary Union to recent global financial crises," Global Finance Journal, Elsevier, vol. 25(1), pages 27-47.
  2. Kowalski, Tadeusz, 2012. "The economic and monetary union countries vs. the global crisis," MPRA Paper 37942, University Library of Munich, Germany.
  3. Kowalski, Tadeusz & Pietrzykowski, Maciej, 2010. "The economic and monetary union vs. shifts in competitiveness of member states," MPRA Paper 33995, University Library of Munich, Germany.

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