Abstract

Euro Adoption in Central and Eastern Europe

Title Page

Euro Adoption in Central and Eastern Europe

Opportunities and Challenges

Susan Schadler

Editor

Copyright

© 2005 International Monetary Fund

All rights reserved.

Cataloging-in-Publication Data

Euro adoption in Central and Eastern Europe: opportunities and challenges/Susan Schadler, editor—[Washington, D.C.: International Monetary Fund, 2005]

p. cm.

Includes bibliographic references.

ISBN 9781589063709

1. Euro—Europe, Central. 2. Euro—Europe, Eastern. I. Schadler, Susan. II.

International Monetary Fund.

HG925.E96 2005

Price: $35.00

Please send orders to:

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Contents

  • 1. Introduction

    • Susan Schadler

  • I. Real Convergence and Euro Adoption

  • 2. Real Convergence and Euro Adoption in Central and Eastern Europe: Trade and Business Cycle Correlations as Endogenous Criteria for Joining the EMU

    • Jeffrey Frankel

    • Comments on “Real Convergence and Euro Adoption in Central and Eastern Europe: Trade and Business Cycle Correlations as Endogenous Criteria for Joining the EMU”

    • Jean-Philippe Cotis

  • 3. Real Convergence, Economic Dynamics, and the Adoption of the Euro in the New European Union Member States

    • Christian Thimann

    • Comments on “Real Convergence, Economic Dynamics, and the Adoption of the Euro in the New European Union Member States”

    • Sue Owen

  • II. Role of Monetary Independence in the Accession Countries

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

    • Paul De Grauwe and Gunther Schnabl

    • Comments on “Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe”

    • M. J. Artis

  • 5. Real Convergence, Capital Flows, and Monetary Policy: Notes on the European Transition Countries

    • Leslie Lipschitz, Timothy Lane, and Alex Mourmouras

    • Comments on “Real Convergence, Capital Flows, and Monetary Policy: Notes on the European Transition Countries”

    • José Viñals

  • III. Preconditions for Successful Euro Adoption: Fiscal Policy and Labor Markets

  • 6. Fiscal Policy Challenges for European Union Acceding Countries

    • Jürgen von Hagen

    • Comments on “Fiscal Policy Challenges for European Union Acceding Countries”

    • Jiri Jonas

  • 7. Euro Adoption and the Labor Market

    • Tito Boeri

    • Comments on “Euro Adoption and the Labor Market”

    • Robert A. Feldman

  • IV. Preconditions for Successful Euro Adoption: Financial Markets and Macro Frameworks

  • 8. The Euro and the European Financial Industry

    • Laura Bottazzi and Francesco Giavazzi

    • Comments on “The Euro and the European Financial Industry”

    • Uldis Cērps

  • 9. The Maastricht Criteria on Price and Exchange Rate Stability and ERM II

    • Servaas Deroose and Johan Baras

    • Comments on “The Maastricht Criteria on Price and Exchange Rate Stability and ERM II”

    • György Szapáry

  • V. Strategies for Euro Adoption: Key Considerations

  • 10. Euro Adoption in the Accession Countries: Vulnerabilities and Strategies

    • Susan Schadler, Paulo Drummond, Louis Kuijs, Zuzana Murgasova, and Rachel van Elkan

    • Comments on “Euro Adoption in the Accession Countries: Vulnerabilities and Strategies”

    • Helmut Wagner

  • 11. Two Roads to the Euro: The Monetary Experiences of Austria and Greece

    • Eduard Hochreiter and George S. Tavlas

    • Comments on “Two Roads to the Euro: The Monetary Experiences of Austria and Greece”

    • Mitja Gaspari

  • Contributors