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Poland. The EMU entry strategy vs. the monetary issues

  • Kowalski, Tadeusz
  • Kowalski, Pawel
  • Wihlborg, Clas

The aim of this overview article is to examine and assess monetary issues crucial for the Economic and Monetary Union (EMU) entry strategy. The optimum currency area (OCA) criteria are not used in assessing Polish suitability for the EMU, as they were not decisive in the process of the EMU creation. The degree of the Maastricht criteria fulfilment by the existing members on the examination date, i.e. on 1 January 1997 is analysed. Further, the official European Central Bank (ECB) and Commission position regarding the enlargement of the monetary union is presented. Next, we attempt to present the rationale behind the early EMU strategy in the case of Poland. We also use data on Slovenia to demonstrate and compare different roads and attitudes to the EMU. The state of convergence of monetary and economic variables are presented and assessed. To address the issue of convergence, the ability to sustainably meet the Maastricht criteria are also considered.

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File URL: http://mpra.ub.uni-muenchen.de/42599/1/MPRA_paper_42599.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42599.

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Date of creation: 2007
Date of revision: 2007
Publication status: Published in Poznan University of Economics Review 2.7(2007): pp. 59-88
Handle: RePEc:pra:mprapa:42599
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  1. Eduard Hochreiter & Tadeusz Kowalski, 2000. "Central banks in European emerging market economies in the 1990s," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 45-70.
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  3. Corsetti, Giancarlo & Pesenti, Paolo, 2002. "Self-Validating Optimum Currency Areas," CEPR Discussion Papers 3220, C.E.P.R. Discussion Papers.
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  12. Hochreiter, Eduard & Tavlas, George S., 2004. "On the road again: an essay on the optimal path to EMU for the new member states," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 793-816, October.
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  16. Corrinne Ho & Robert N. McCauley, 2003. "Living with flexible exchange rates: issues and recent experience in inflation targeting emerging market economies," BIS Working Papers 130, Bank for International Settlements.
  17. Green, Christopher J. & Holmes, Mark J. & Kowalski, Tadeusz, 2001. "Poland: a successful transition to budget sustainability?," Emerging Markets Review, Elsevier, vol. 2(2), pages 161-183, June.
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