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The Comparative Analysis Of The Monetary Policy Strategies Before The Adoption Of The Euro Currency And The Impact Upon The Maastricht Criteria

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  • Monica DAMIAN

Abstract

In the way towards the euro, the monetary and exchange rate policy must follow, in parallel, the achievement of the nominal and real convergence. The purpose of this work paper is the analysis of the monetary policy strategies in Slovenia and Slovakia before the adoption of the euro on two periods: pre-ERM II and ERM II. On the one hand the two forms of the inflation targeting strategy have been efficient in the pre-EMU period through the adjustment of the interest rate so that the real rate would not stimulate the crediting, while on the other hand the monetary authority has followed the reduction of the interest rate differential in order to assure the stability of the exchange rate.

Suggested Citation

  • Monica DAMIAN, 2011. "The Comparative Analysis Of The Monetary Policy Strategies Before The Adoption Of The Euro Currency And The Impact Upon The Maastricht Criteria," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 6(3(17)/ Fa), pages 222-229.
  • Handle: RePEc:ush:jaessh:v:6:y:2011:i:3(17)_fall2011:p:222
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    1. Rajmund MIRDALA, 2010. "Monetary Aspects Of Short-Term Capital Inflows In The Central European Countries," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 5(4(14)/ Wi), pages 342-358.
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    Cited by:

    1. Rajmund Mirdala, 2014. "Interest rates and structural shocks in European transition economies," Business and Economic Horizons (BEH), Prague Development Center, vol. 10(4), pages 305-319, November.
    2. Mirdala, Rajmund, 2013. "Current Account Adjustments and Real Exchange Rates in the European Transition Economies," MPRA Paper 48901, University Library of Munich, Germany.
    3. Rajmund Mirdala, 2013. "Real Output and Prices Adjustments Under Different Exchange Rate Regimes," William Davidson Institute Working Papers Series wp1064, William Davidson Institute at the University of Michigan.
    4. Mirdala, Rajmund, 2012. "Interest Rates Determination and Crisis Puzzle (Empirical Evidence from the European Transition Economies)," MPRA Paper 43756, University Library of Munich, Germany.
    5. Mirdala, Rajmund, 2012. "Macroeconomic Aspects of Real Exchange Rate Volatility in the Central European Countries," MPRA Paper 40910, University Library of Munich, Germany.

    More about this item

    Keywords

    monetary policy strategy; euro; interest rate differential; exchange rate; inflation;

    JEL classification:

    • 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

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