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The Maastricht Inflation Criterion and Entry to the Eurozone: Challenges and Options for EU Countries from Central and Eastern Europe

In: Poland and the Eurozone

Author

Listed:
  • Karsten Staehr

Abstract

The enlargements in 2004, 2007 and 2013 brought a total of 13 new countries into the European Union, of which 11 are post-communist countries from Central and Eastern Europe (CEE) and two are Mediterranean island states. When they joined, the new members committed to entering the eurozone and adopting the euro once they had fulfilled the Maastricht convergence criteria. By the beginning of 2014 four of the eleven post-communist countries had entering the eurozone, but this still left seven post-communist EU countries outside the eurozone, of which Poland is the biggest and the most important economically and politically. This chapter discusses what is without doubt the biggest challenge for Poland and the six other CEE countries, that is the Maastricht Treaty’s price stability criterion or inflation criterion as it is more commonly called. The complications of satisfying the criterion are adeptly summarised in the title of a 2006 paper by Ales Bulir and Jaromir Hurnik: ‘The Maastricht inflation criterion: how unpleasant is purgatory?’

Suggested Citation

  • Karsten Staehr, 2014. "The Maastricht Inflation Criterion and Entry to the Eurozone: Challenges and Options for EU Countries from Central and Eastern Europe," Studies in Economic Transition, in: Jens Hölscher (ed.), Poland and the Eurozone, chapter 8, pages 139-164, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-1-137-42641-3_8
    DOI: 10.1057/9781137426413_8
    as

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