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Enlargement of the euro area toward CESEE: progress and perspectives

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Abstract

This article reviews the enlargement of the euro area toward CESEE EU Member States since 2010. It covers the Baltic countries’ accession to monetary union and summarizes the present state of convergence of non-euro area CESEE EU Member States, with a focus on the economic convergence criteria. Furthermore, it depicts the current views of these countries on future euro area accession. We show how convergence assessments have developed since the onset of the crisis and examine the impact of the deepening of Economic and Monetary Union on the monetary integration process. Looking ahead, the article argues for an even-handed application of the principle of equal treatment in an advancing environment, which combines continuity with a careful and well-grounded integration of the lessons from the past and the institutional reforms that have resulted as a consequence, for the mutual benefit of all stakeholders in the process.

Suggested Citation

  • Peter Backé & Sandra Dvorsky, 2018. "Enlargement of the euro area toward CESEE: progress and perspectives," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3-18, pages 43-56.
  • Handle: RePEc:onb:oenbfi:y:2018:i:q3-18:b:4
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    File URL: https://www.oenb.at/dam/jcr:f96da888-8003-4258-ab9a-215cd862d2ec/04_Enlargement%20of%20the%20euro_feei_2018_q3.pdf
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    References listed on IDEAS

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    1. Rey, Hélène, 2015. "Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence," CEPR Discussion Papers 10591, C.E.P.R. Discussion Papers.
    2. Diaz del Hoyo, Juan Luis & Dorrucci, Ettore & Heinz, Frigyes Ferdinand & Muzikarova, Sona, 2017. "Real convergence in the euro area: a long-term perspective," Occasional Paper Series 203, European Central Bank.
    3. repec:eee:jmacro:v:55:y:2018:i:c:p:12-27 is not listed on IDEAS
    4. Sandra Dvorsky, 2009. "Central Banks in Transition: Legal and Institutional Challenges on the Way to EU Integration," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 5, pages 82-91.
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    9. Campos, Nauro F. & Jarko, Fidrmuc & Iikka, Korhonen, 2017. "Business cycle synchronisation in a currency union : Taking stock of the evidence," Research Discussion Papers 28/2017, Bank of Finland.
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    More about this item

    Keywords

    European Union; euro area; monetary integration; Central; Eastern and Southeastern Europe;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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