Implications of EMU Enlargement for European Monetary Policy: A Political Economy View
In this paper we investigate the implications of EMU enlargement from a political economy perspective. We argue that a high degree of convergence of the candidate countries prior to EMU accession is an important req-uisite. Otherwise, as a result of a sharp increase in economic dispersion, public support for European monetary policy is likely to decrease, and external pressure on the European Central Bank will mount.
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- Frenkel, Michael & Nickel, Christiane & Schmidt, Günter, 1999. "Some shocking aspects of EMU enlargement," Research Notes 99-4, Deutsche Bank Research.
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- Wagner, Helmut, 2002. "Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence," Discussion Paper Series 1: Economic Studies 2002,06, Deutsche Bundesbank, Research Centre.
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