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