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Designing Poland’s Macroeconomic Strategy on the Way to the Euro Area

  • Jakub Borowski

    (National Bank of Poland)

  • Michal Brzoza- Brzezina

    (National Bank of Poland)

In this paper we discuss selected aspects of Poland’s road to the euro zone. Our attention focuses on the proper design of macroeconomic policy during the accession period. We address the issue of entering ERM II, with special attention to the choice of central parity, fluctuation bands, possible revaluation of the parity and sharing the burden of interventions with the ECB. Further we concentrate on the issue of a simultaneous fulfilment of all convergence criteria. We point at the central role of fiscal austerity in providing a save framework for fulfilling the inflation, exchange rate and, obviously, the public deficit criteria. The key role of timing is accentuated.

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File URL: http://128.118.178.162/eps/mac/papers/0404/0404015.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0404015.

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Length: 27 pages
Date of creation: 20 Apr 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0404015
Note: Type of Document - pdf; pages: 27
Contact details of provider: Web page: http://128.118.178.162

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  1. Egert, Balazs, 2002. "Estimating the impact of the Balassa-Samuelson effect on inflation and the real exchange rate during the transition," Economic Systems, Elsevier, vol. 26(1), pages 1-16, April.
  2. Michał Brzoza-Brzezina, 2002. "Estimating the Natural Rate of Interest: A SVAR Approach," National Bank of Poland Working Papers 27, National Bank of Poland, Economic Institute.
  3. Matthew B. Canzoneri & Robert E. Cumby & Behzad Diba, 1996. "Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries," NBER Working Papers 5676, National Bureau of Economic Research, Inc.
  4. Jakub Borowski & Michal Brzoza- Brzezina & Piotr Szpunar, 2003. "Exchange Rate Regimes and Poland's Participation in ERM II," Macroeconomics 0302002, EconWPA.
  5. Karl Friedrich Habermeier & Mario Mesquita, 1999. "Long-Run Exchange Rate Dynamics; A Panel Data Study," IMF Working Papers 99/50, International Monetary Fund.
  6. Virginie Coudert & Cécile Couharde, 2003. "Exchange Rate Regimes and Sustainable Parities for ceecs in the Run-up to emu Membership," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 983-1012.
  7. Susana Garcia Cervero & J. Humberto Lopez & Enrique Alberola Ila & Angel J. Ubide, 1999. "Global Equilibrium Exchange Rates; Euro, Dollar, "Ins," "Outs," and Other Major Currencies in a Panel Cointegration Framework," IMF Working Papers 99/175, International Monetary Fund.
  8. Anne-Marie Brook & David Hargreaves, 2001. "PPP-based analysis of New Zealand's equilibrium exchange rate," Reserve Bank of New Zealand Discussion Paper Series DP2001/01, Reserve Bank of New Zealand.
  9. Laszlo Halpern & Charles Wyplosz, 2001. "Economic Transformation and Real Exchange Rates in the 2000s: The Balassa-Samuelson Connection," ECE Discussion Papers Series 2001_1, UNECE.
  10. Balázs Égert & Imed Drine & Kirsten Lommatzsch & Christophe Rault, 2005. "The Balassa-Samuelson Effect in Central and Eastern Europe: Myth or Reality?," Documents de recherche 05-15, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  11. Michal Brzoza-Brzezina, 2004. "The Information Content of the Natural Rate of Interest: The Case of Poland," Macroeconomics 0402007, EconWPA.
  12. Jakub Borowski & Anna Czogala & Adam Czyzewski, 2005. "Looking Forward Towards the ERM II Central Parity: The Case of Poland," Economie Internationale, CEPII research center, issue 102, pages 9-31.
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