Evropská měnová unie a rizika pro reálnou konvergenci
[European monetary union and risks for real convergence]
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.
Volume (Year): 2004 (2004)
Issue (Month): 4 ()
|Contact details of provider:|| Postal: nam. W. Churchilla 4, 130 67 Praha 3|
Phone: (02) 24 09 51 11
Fax: (02) 24 22 06 57
Web page: http://www.vse.cz/
More information through EDIRC
|Order Information:|| Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3|
Web: http://www.vse.cz/polek/ Email:
When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:468:p:435-450. 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: (Frantisek Sokolovsky)
If references are entirely missing, you can add them using this form.