Economic and Monetary Union and the Post 2004 member countries
The paper discusses a range of considerations as to whether the new member countries would benefit from joining EMU, and then to propose alternative criteria for their membership. It begins by rehearsing the 'optimal currency area' arguments, and then consider one aspect of those arguments, namely the use of fiscal policy. The effectiveness of monetary policy within a currency union is then considered, and the exchange rate at which it would be appropriate for a country to join the euro. The current balance of payments positions of new member countries is outlined and the consequence for joining EMU discussed. Finally the appropriate convergence criteria for a country to achieve before a single currency are discussed.
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Volume (Year): 9 (2006)
Issue (Month): 2 (Winter)
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