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Implications of EMU enlargement for European monetary policy: A political economy view

Author

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  • Philipp Maier

    (De Nederlandsche Bank)

  • Maarten Hendrikx

Abstract

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU enlargement for European monetary policy: A political economy view," Macroeconomics 0207007, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0207007 Note: Type of Document - PDF; prepared on PC; pages: 22; figures: included
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    References listed on IDEAS

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    1. repec:cup:apsrev:v:71:y:1977:i:04:p:1467-1487_26 is not listed on IDEAS
    2. Barry Eichengreen & Fabio Ghironi, 2002. "EMU and Enlargement," Chapters,in: EMU and Economic Policy in Europe, chapter 15 Edward Elgar Publishing.
    3. Philipp Maier & Saskia Bezoen, 2002. "Central bank bashing: The case of the European Central Bank," Macroeconomics 0209001, EconWPA.
    4. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
    5. Frenkel, Michael & Nickel, Christiane & Schmidt, Günter, 1999. "Some shocking aspects of EMU enlargement," Research Notes 99-4, Deutsche Bank Research.
    6. 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.
    7. William D. Nordhaus, 1975. "The Political Business Cycle," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 169-190.
    8. Philipp Maier & Saskia Bezoen, 2002. "Central bank bashing: The case of the European Central Bank," Macroeconomics 0209001, EconWPA.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Dobrinsky, Rumen, 2006. "Catch-up inflation and nominal convergence: The balancing act for new EU entrants," Economic Systems, Elsevier, vol. 30(4), pages 424-442, December.
    2. repec:kap:iaecre:v:20:y:2014:i:1:p:73-86 is not listed on IDEAS
    3. repec:kap:openec:v:28:y:2017:i:5:d:10.1007_s11079-017-9466-8 is not listed on IDEAS
    4. Christian Fahrholz & Philipp Mohl, 2003. "Fiscal and Monetary Policy in Belgium, France, Germany, Luxembourg, and The Netherlands," Eastward Enlargement of the Euro-zone Working Papers wp17c, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Apr 2003.
    5. Christian Fahrholz & Philipp Mohl, 2004. "EMU-enlargement and the Reshaping of Decision-making within the ECB Governing Council: A Voting-Power Analysis," Eastward Enlargement of the Euro-zone Working Papers wp23, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jun 2004.
    6. Boysen, Nils & Fliedner, Malte & Scholl, Armin, 2007. "A classification of assembly line balancing problems," European Journal of Operational Research, Elsevier, pages 674-693.
    7. Piotr Stanek, 2004. "How to assess proposals for enlargement reform of the European Central Bank," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 209-239.

    More about this item

    Keywords

    EU Enlargement; Economic Convergence; Political Economy;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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