IDEAS home Printed from https://ideas.repec.org/a/kap/atlecj/v33y2005i2p139-149.html
   My bibliography  Save this article

Shall the New EU Members Introduce the Euro? Some Macroeconomic Policy Effects

Author

Listed:
  • Gottfried Haber
  • Reinhard Neck

Abstract

After the EU enlargement in 2004, there is a clear commitment of the EU and the new member states to aim at an enlargement of the euro zone within the European Economic and Monetary Union (EMU) as well. This might have significant effects on the “old” EMU, the “new members,” and even on the global economy. The present paper analyzes some macroeconomic effects and particularly the impact on the effects of stabilization policies when switching to an enlarged euro zone under different assumptions about fiscal and monetary policy regimes in Europe and under alternative types of economic shocks. Also, the implications for the US of different European monetary regimes are evaluated. The results suggest that economic benefits for all countries are rather small. For the Central and Eastern European countries (CEECs), even disadvantages may dominate. Copyright International Atlantic Economic Society 2005

Suggested Citation

  • Gottfried Haber & Reinhard Neck, 2005. "Shall the New EU Members Introduce the Euro? Some Macroeconomic Policy Effects," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 33(2), pages 139-149, June.
    • Handle: RePEc:kap:atlecj:v:33:y:2005:i:2:p:139-149
    DOI: 10.1007/s11293-005-3751-4
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11293-005-3751-4
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11293-005-3751-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Reinhard Neck & GOTTFRIED Haber & WARWICK Mckibbin, 2004. "European Monetary and Fiscal Policies after the EU Enlargement," Economic Change and Restructuring, Springer, vol. 31(2), pages 229-245, June.
    2. Reinhard Neck & Robert Holzmann, 2002. "Editorial: European Monetary and Fiscal Policies: Myths and Facts," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 29(3), pages 181-182, September.
    3. Eijffinger, Sylvester & Haan, Jakob de, 2000. "European Monetary and Fiscal Policy," OUP Catalogue, Oxford University Press, number 9780198776161.
    4. Hughes Hallett,Andrew & Hutchison,Michael M. & Hougaard Jensen,Svend E. (ed.), 1999. "Fiscal Aspects of European Monetary Integration," Cambridge Books, Cambridge University Press, number 9780521651622.
    5. André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(04), pages 17-21, December.
    2. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(4), pages 17-21, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mark Hallerberg, 2002. "Introduction," European Union Politics, , vol. 3(2), pages 139-150, June.
    2. repec:kap:iaecre:v:12:y:2006:i:1:p:1-15 is not listed on IDEAS
    3. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(4), pages 17-21, December.
    4. Gottfried Haber & Reinhard Neck & Warwick McKibbin, 2006. "Less Government—More Wealth? On the Macroeconomics of a Smaller Public Sector in Europe," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 12(1), pages 1-15, February.
    5. Jakob de Haan & Helge Berger & David-Jan Jansen & Jakob de Haan, 2003. "The End of the Stability and Growth Pact?," CESifo Working Paper Series 1093, CESifo.
    6. Dury, Karen & Pina, Alvaro M., 2003. "Fiscal policy in EMU: simulating the operation of the Stability Pact," Journal of Policy Modeling, Elsevier, vol. 25(2), pages 179-206, February.
    7. Reinhard Neck & GOTTFRIED Haber & WARWICK Mckibbin, 2004. "European Monetary and Fiscal Policies after the EU Enlargement," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 31(2), pages 229-245, June.
    8. Buti, M. & Eijffinger, S.C.W. & Franco, D., 2003. "Revisiting the Stability and Growth Pact : Grand Design or Internal Adjustment?," Other publications TiSEM 2e5a01d9-9a1f-492d-995f-a, Tilburg University, School of Economics and Management.
    9. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(04), pages 17-21, December.
    10. Roberto Tamborini, 2004. "One ‘Monetary Giant’ with Many ‘Fiscal Dwarfs’: The Efficiency of Macroeconomic Stabilization Policies in the European Monetary Union," International Economic Association Series, in: Alan V. Deardorff (ed.), The Past, Present and Future of the European Union, chapter 3, pages 21-47, Palgrave Macmillan.
    11. Niels Thygesen, "undated". "Evolving Ambitions in Europe’s Monetary Unification," EPRU Working Paper Series 99-04, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    12. Gottfried Haber & Reinhard Neck & Warwick McKibbin, 2002. "Global Implications of Monetary and Fiscal Policy Rules in the EMU," Open Economies Review, Springer, vol. 13(4), pages 363-379, October.
    13. Heipertz, Martin, 2003. "The Stability and Growth Pact - Not the best but better than nothing. Reviewing the debate on fiscal policy in Europe's Monetary Union," MPIfG Working Paper 03/10, Max Planck Institute for the Study of Societies.
    14. repec:dgr:rugsom:03c28 is not listed on IDEAS
    15. Delsen, Lei, 2003. "Are European welfare states sustainable?," Research Report 03C28, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    16. Jorg Bibow, 2004. "Fiscal Consolidation: Contrasting Strategies & Lessons From International Experiences," Economics Working Paper Archive wp_400, Levy Economics Institute.
    17. Sander Oosterloo & Jakob de Haan, 2003. "A Survey of Institutional Frameworks for Financial Stability," DNB Occasional Studies 104, Netherlands Central Bank, Research Department.
    18. De Bandt, Olivier & Mongelli, Francesco Paolo, 2000. "Convergence of fiscal policies in the euro area," Working Paper Series 20, European Central Bank.
    19. Alex Segura-Ubiergo & Alejandro Simone & Sanjeev Gupta & Qiang Cui, 2010. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 52(1), pages 18-37, March.
    20. Giuseppe Bertola, 2004. "Creaking Labour Markets: Migrating into Unemployment?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 5(3), pages 48-52, September.
    21. Nicola Acocella & Giovanni Bartolomeo, 2004. "Is a Conservative Central Banker a (Perfect) Substitute for Wage Coordination?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 31(2), pages 281-294, June.
    22. Niklas Gadatsch & Josef Hollmayr & Nikolai Stähler, 2019. "Thoughts on a Fiscal Union in EMU," German Economic Review, Verein für Socialpolitik, vol. 20(4), pages 360-384, November.

    More about this item

    Keywords

    E52; E63; C50; C70;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:atlecj:v:33:y:2005:i:2:p:139-149. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.