4 Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe

Abstract

In May 2004, eight Central and Eastern European (CEE) countries joined the European Union (EU). Bulgaria and Romania are expected to follow by 2007. The eastern enlargement of the EU heralds the enlargement of the European Monetary Union (EMU). Within a few years, the EMU could include up to 25 member states.

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