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

  • Philipp Maier

    (De Nederlandsche Bank)

  • Maarten Hendrikx

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.)

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File URL: http://128.118.178.162/eps/mac/papers/0207/0207007.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0207007.

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Length: 22 pages
Date of creation: 13 Aug 2002
Date of revision:
Handle: RePEc:wpa:wuwpma:0207007
Note: Type of Document - PDF; prepared on PC; pages: 22; figures: included
Contact details of provider: Web page: http://128.118.178.162

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  1. Philipp Maier & Saskia Bezoen, 2002. "Central bank bashing: The case of the European Central Bank," Macroeconomics 0209001, EconWPA.
  2. Barry Eichengreen & Fabio Ghironi, 2002. "EMU and Enlargement," Chapters, in: EMU and Economic Policy in Europe, chapter 15 Edward Elgar.
  3. Rainer Schweickert, 2001. "Assessing the Advantages of EMU-Enlargement for the EU and the Accession Countries: A Comparative Indicator Approach," Kiel Working Papers 1080, Kiel Institute for the World Economy.
  4. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  5. 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.
  6. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
  7. Frenkel, Michael & Nickel, Christiane & Schmidt, Günter, 1999. "Some shocking aspects of EMU enlargement," Research Notes 99-4, Deutsche Bank Research.
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