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Monetary Integration of the New EU Member States: What Sets the Pace of Euro Adoption?

Monetary Integration of the New EU Member States: What Sets the Pace of Euro Adoption? How fast should the new Member States of the European Union (NMS) relinquish their domestic monetary and exchange rate autonomy? While the Maastricht convergence criteria are attracting significant attention (particularly the inflation and deficit criteria), we think the debate should also examine the status of their economic structures and the progress of integration within the EU. Diverse aspects of the monetary integration of the NMS into the euro area are examined. We find less structural convergence is associated with less income convergence. The exchange rate regimes have a bearing on the speed of real convergence: for some NMS, and for some more time, exchange rate flexibility may still serve as a useful shock absorber. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png JCMS: Journal of Common Market Studies Wiley

Monetary Integration of the New EU Member States: What Sets the Pace of Euro Adoption?

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References (29)

Publisher
Wiley
Copyright
Copyright © 2007 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0021-9886
eISSN
1468-5965
DOI
10.1111/j.1468-5965.2007.00715.x
Publisher site
See Article on Publisher Site

Abstract

How fast should the new Member States of the European Union (NMS) relinquish their domestic monetary and exchange rate autonomy? While the Maastricht convergence criteria are attracting significant attention (particularly the inflation and deficit criteria), we think the debate should also examine the status of their economic structures and the progress of integration within the EU. Diverse aspects of the monetary integration of the NMS into the euro area are examined. We find less structural convergence is associated with less income convergence. The exchange rate regimes have a bearing on the speed of real convergence: for some NMS, and for some more time, exchange rate flexibility may still serve as a useful shock absorber.

Journal

JCMS: Journal of Common Market StudiesWiley

Published: Jun 1, 2007

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