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Should Estonia euroize?

Author

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  • Anne Sulling

Abstract

Estonia has been operating a currency board arrangement tied to the deutschemark, now the euro, since 1992. Optimal currency area considerations, policy orientation and the flexibility of prices and wages in Estonia support a case for monetary union with the eurozone. But the European Union requires Estonia to wait until EU accession and subsequent Eurosystem accession before it can adopt the euro. In the meanwhile, gains expected from euroization — lower and more stable interest rates, lower transactions costs in trade and increased transparency, all of which would promote trade, investments and economic growth — would be forgone. In this context, the paper raises the question, should Estonia go ahead and euroize now? JEL classification: E42, E58, F33.

Suggested Citation

  • Anne Sulling, 2002. "Should Estonia euroize?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 469-490, July.
    • Handle: RePEc:bla:etrans:v:10:y:2002:i:2:p:469-490
    DOI: 10.1111/1468-0351.00121
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    Cited by:

    1. repec:spo:wpecon:info:hdl:2441/3361 is not listed on IDEAS
    2. Sandrine Levasseur, 2004. "Why not euroisation?," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 121-156.
    3. Jacek Rostowski, 2003. "When Should the Central Europeans Join EMU?," CASE Network Studies and Analyses 0253, CASE-Center for Social and Economic Research.
    4. repec:hal:wpspec:info:hdl:2441/3361 is not listed on IDEAS
    5. repec:hal:spmain:info:hdl:2441/3361 is not listed on IDEAS
    6. Neven T Valev, 2006. "From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(3), pages 480-496, September.

    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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