The Challenges of Euro Adoption in Romania: Some Lessons from the Greek Experience
Romania belongs to the group of the new EU members that are committed by the Treaty to adopt the euro, which implies that they must strive to fulfill all the nominal convergence criteria. Analyzing the Greece’s monetary experience towards the EMU and its available policy instruments for this goal, this paper tries to derive some challenging lessons for Romania on its path to euro adoption. The present Greek debt crisis and the background of the global financial crisis are also taken into consideration. The Greek situation shows that an overly ambitious timetable and effort for adopting the single currency can be rather costly for the country concerned and the endeavor to improve the performance of the economy must be a permanent process and not be limited to satisfying the Maastricht convergence criteria.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Theodoros S. Papaspyrou, 2004. "EMU Strategies: Lessons from Past Experience in View of EU Enlargement," Working Papers 11, Bank of Greece.
- Barro, Robert J. & Gordon, David B., 1983.
"Rules, discretion and reputation in a model of monetary policy,"
Journal of Monetary Economics,
Elsevier, vol. 12(1), pages 101-121.
- Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
- Tavlas, George S, 2000. "On the Exchange Rate as a Nominal Anchor: The Rise and Fall of the Credibility Hypothesis," The Economic Record, The Economic Society of Australia, vol. 76(233), pages 183-201, June.
When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xiii:y:2010:i:2:p:171-186. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eleni Giannakopoulou)
If references are entirely missing, you can add them using this form.