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The new EU countries and euro adoption

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  • Hubert Gabrisch
  • Martina Kämpfe

Abstract

In the new member states of the EU which have not yet adopted the euro, previous adoption strategies have come under scrutiny. The spillovers and contagion from the global financial crisis revealed a new threat to the countries’ real convergence goal, namely considerable vulnerability to the transmission of financial instability to the real economy. This paper demonstrates the existence of extreme risks for real convergence and argues in favour of a new adoption strategy which does not announce a target date for the currency changeover and which allows for more flexible and countercyclical monetary, fiscal and wage policies. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Hubert Gabrisch & Martina Kämpfe, 2013. "The new EU countries and euro adoption," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 48(3), pages 180-186, May.
  • Handle: RePEc:spr:intere:v:48:y:2013:i:3:p:180-186
    DOI: 10.1007/s10272-013-0460-0
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    Cited by:

    1. Hubert Gabrisch, 2017. "Monetary policy independence reconsidered: evidence from six non-euro members of the European Union," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 44(3), pages 567-584, August.
    2. Kämpfe, Martina & Knedlik, Tobias, 2017. "The appropriateness of the macroeconomic imbalance procedure for Central and Eastern European countries," IWH Discussion Papers 16/2017, Halle Institute for Economic Research (IWH).
    3. Cristian Păun, 2016. "The Adoption Of Euro In Case Of Romania: The Main (Counter) Arguments," Review of Social and Economic Issues, Romanian-American University, vol. 1(3), pages 76-94, march.

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