Central Europe and European monetary integration: a strategy for catching up
The Maastricht Treaty has augmented the preconditions that have to be fulfilled by ED applicants before a full membership can be achieved. Candidates have to prove that a participation in the European Monetary Union is a realistic possibility at least in the medium term. This paper explores the difficulties of the Visegrád countries to fulfill this monetary precondition. Apart from the convergence criteria, the cyclical correlation both within Central Europa and between Central and Western Europe is analysed. Based on that evidence, an early membership in the European Monetary System is proposed as an element of a promising EU membership strategy. Besides that, the potential role of a stabilization fund is discussed that could cushion asymmetric shocks hitting the Visegrád countries.
|Date of creation:||1994|
|Contact details of provider:|| Postal: L 7,1; D - 68161 Mannheim|
Web page: http://www.zew.de/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tamim Bayoumi & Barry Eichengreen, 1992.
"Shocking Aspects of European Monetary Unification,"
NBER Working Papers
3949, National Bureau of Economic Research, Inc.
- Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
- Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
- Jacques Mélitz, 1995.
"A suggested reformulation of the theory of optimal currency areas,"
Open Economies Review,
Springer, vol. 6(3), pages 281-298, July.
- Melitz, Jacques, 1991. "A Suggested Reformulation of the Theory of Optimal Currency Areas," CEPR Discussion Papers 590, C.E.P.R. Discussion Papers.
- Friedrich Heinemann, 1993. "Sustainability of national debt in Europe," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 28(2), pages 61-68, March.
- James C. Ingram, 1959. "State and Regional Payments Mechanisms," The Quarterly Journal of Economics, Oxford University Press, vol. 73(4), pages 619-632.
- Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
- Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
- Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 51-144.
When requesting a correction, please mention this item's handle: RePEc:zbw:zewdip:9421. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.