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Implications of EMU enlargement for European monetary policy: A political economy view

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  • Philipp Maier

    (De Nederlandsche Bank)

  • Maarten Hendrikx

Abstract

In this paper we investigate the implications of EMU enlargement from a political economy perspective. We argue that a high degree of convergence of the candidate countries prior to EMU accession is an important req-uisite. Otherwise, as a result of a sharp increase in economic dispersion, public support for European monetary policy is likely to decrease, and external pressure on the European Central Bank will mount.

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File URL: http://128.118.178.162/eps/mac/papers/0207/0207007.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0207007.

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Length: 22 pages
Date of creation: 13 Aug 2002
Date of revision:
Handle: RePEc:wpa:wuwpma:0207007

Note: Type of Document - PDF; prepared on PC; pages: 22; figures: included
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Web page: http://128.118.178.162

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Keywords: EU Enlargement; Economic Convergence; Political Economy;

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References

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  1. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
  2. Philipp Maier & Saskia Bezoen, 2002. "Central bank bashing: The case of the European Central Bank," Macroeconomics 0209001, EconWPA.
  3. Frenkel, Michael & Nickel, Christiane & Schmidt, Günter, 1999. "Some shocking aspects of EMU enlargement," Research Notes 99-4, Deutsche Bank Research.
  4. Rainer Schweickert, 2001. "Assessing the Advantages of EMU-Enlargement for the EU and the Accession Countries: A Comparative Indicator Approach," Kiel Working Papers 1080, Kiel Institute for the World Economy.
  5. Wagner, Helmut, 2002. "Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence," Discussion Paper Series 1: Economic Studies 2002,06, Deutsche Bundesbank, Research Centre.
  6. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  7. Barry Eichengreen & Fabio Ghironi, 2000. "EMU and Enlargement," Boston College Working Papers in Economics 481, Boston College Department of Economics, revised 01 May 2001.
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Cited by:
  1. Christian Fahrholz & Philipp Mohl, 2003. "Fiscal and Monetary Policy in Belgium, France, Germany, Luxembourg, and The Netherlands," Eastward Enlargement of the Euro-zone Working Papers wp17c, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Apr 2003.
  2. Christian Fahrholz & Philipp Mohl, 2004. "EMU-enlargement and the Reshaping of Decision-making within the ECB Governing Council: A Voting-Power Analysis," Eastward Enlargement of the Euro-zone Working Papers wp23, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jun 2004.
  3. Andreas Freytag, 2004. "EMU Enlargement: Which Concept of Convergence to Apply?," Jenaer Schriften zur Wirtschaftswissenschaft 11/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  4. Piotr Stanek, 2004. "How to assess proposals for enlargement reform of the European Central Bank," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 209-239.
  5. Dobrinsky, Rumen, 2006. "Catch-up inflation and nominal convergence: The balancing act for new EU entrants," Economic Systems, Elsevier, vol. 30(4), pages 424-442, December.
  6. Louis Jaeck & Sehjeong Kim, 2014. "The Impact of EMU Enlargement on Structural Reforms: A Political Economy Approach," International Advances in Economic Research, Springer, vol. 20(1), pages 73-86, February.

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