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With or without you- are central European countries ready for the euro?

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  • Zsolt Darvas

Abstract

Southern European euro-area members suffered from unsustainable developments after they joined the euro in 1999 and up to 2008, and have had great difficulties since. Inadequate national policies were the main causes of these unsustainable developments, but euro membership played a role before 2008 by leading to low real interest rates (which fuelled credit booms) and by enabling complacency about potential vulnerabilities. Euro-area crisis management was also deficient in a...

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  • Zsolt Darvas, 2019. "With or without you- are central European countries ready for the euro?," Policy Contributions 32783, Bruegel.
    • Handle: RePEc:bre:polcon:32783
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    File URL: https://www.bruegel.org/wp-content/uploads/2019/10/PC-12_2019.pdf
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    Cited by:

    1. Milan Deskar-Škrbić & Davor Kunovac, 2020. "Twentieth Anniversary of the Euro: Why are Some Countries Still Not Willing to Join? Economists’ View," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(2), pages 242-262, June.
    2. Harkmann, Kersti & Staehr, Karsten, 2021. "Current account drivers and exchange rate regimes in Central and Eastern Europe," Journal of International Money and Finance, Elsevier, vol. 110(C).

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