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Evropská měnová unie a rizika pro reálnou konvergenci
[European monetary union and risks for real convergence]


  • Kamil Janáček
  • Stanislava Janáčková


New members of the EU will not form an optimum currency area with the present eurozone member states. The article discusses some costs and benefits of an early EMU entry for the Czech Republic (and other Central-European economies). The authors concentrate on the consequences of loss of country-specific monetary policy, and of exchange-rate flexibility. They also stress the problem of finding the appropriate level at which to fix the exchange rate for both ERM-II and eurozone entry. The importance of both nominal and real convergence is underlined for a successful catch-up. The conclusion is that a "no hurry" policy for euro would be beneficial for a long-term catch-up process of the Czech Republic. Use of country-specific monetary policy is indispensable for real convergence.

Suggested Citation

  • Kamil Janáček & Stanislava Janáčková, 2004. "Evropská měnová unie a rizika pro reálnou konvergenci
    [European monetary union and risks for real convergence]
    ," Politická ekonomie, University of Economics, Prague, vol. 2004(4), pages 435-450.
  • Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:468:p:435-450

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    Cited by:

    1. Yu Hsing, 2005. "Effects of Macroeconomic Policies and Stock Market Performance on the Estonian Economy," Prague Economic Papers, University of Economics, Prague, vol. 2005(2), pages 109-116.
    2. Andrew Hughes Hallett & Christian R. Richter, 2007. "Time Varying Cyclical Analysis for Economies in Transition," CASE Network Studies and Analyses 0334, CASE-Center for Social and Economic Research.

    More about this item


    optimum currency area; adoption of euro; fiscal consolidation; convergence nominal and real; Maastricht criteria;

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F15 - International Economics - - Trade - - - Economic Integration


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