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A Currency Crisis in Europe? The Europe's common currency and the new accession countries

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  • Krawczyk, Mariusz K.
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    Abstract

    The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the required participation of all accession countries in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more flexible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on the country?s economic conditions. --

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    File URL: http://econstor.eu/bitstream/10419/19250/1/278.pdf
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    Bibliographic Info

    Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 278.

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    Date of creation: 2004
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    Handle: RePEc:zbw:hwwadp:26309

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    Web page: http://www.econstor.eu/handle/10419/20
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    Keywords: EU enlargement; monetary integration; currency crisis; asset substitution;

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