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Central Europe and European monetary integration: a strategy for catching up

  • Heinemann, Friedrich

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.

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 94-21.

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Date of creation: 1994
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Handle: RePEc:zbw:zewdip:9421
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  1. 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.
  2. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
  3. Melitz, Jacques, 1991. "A Suggested Reformulation of the Theory of Optimal Currency Areas," CEPR Discussion Papers 590, C.E.P.R. Discussion Papers.
  4. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
  5. 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.
  6. Friedrich Heinemann, 1993. "Sustainability of national debt in Europe," Intereconomics: Review of European Economic Policy, Springer, vol. 28(2), pages 61-68, March.
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