Mart Sõrg () (Institute of Finance and Accounting, University of Tartu)
Abstract
CEE countries have passed the process of transition to market economy and eight of them, including Estonia, joined the European Union in 2004. Estonia has been very successful in the transition process, mainly owing to the currency board-based monetary system, which serves as a signal of commitment to prudent monetary policy and as a guarantee of sound money during the transition period. The current paper discusses the thirteen years of experience in operating the currency board-based monetary system in Estonia. Estonia’s accession to the European Union will soon be accompanied by membership of the Economic and Monetary Union (EMU). Here it is also explained why Estonia wants to join the EMU as fast as possible and what the prospects are to do it on time, at the beginning of 2007.
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Paper provided by School of Economics and Business Administration, Tallinn University of Technology in its series Working Papers with number
133.
Length: 16 Date of creation: 2005 Date of revision: Publication status: Published in Working Papers in Economics, School of Economics and Business Administration,Tallinn University of Technology (TUTWPE), Volume 17, Pages 5-20 Handle: RePEc:ttu:wpaper:133
Note: Financial support from the Estonian Science Foundation (project 5306) is greatly acknowledged. Contact details of provider: Postal: Kopli tn. 101, 11712 Tallinn Phone: +(372)620 3535 Fax: +(372)620 3946 Email: Web page: http://majandus.ttu.ee More information through EDIRC
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Find related papers by JEL classification: E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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