المستودع الأكاديمي جامعة المدينة

The monetary framework after accession a political economy analysis of ERM2

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dc.creator Attila Fölsz
dc.date 2003
dc.date.accessioned 2013-05-30T13:36:21Z
dc.date.available 2013-05-30T13:36:21Z
dc.date.issued 2013-05-30
dc.identifier http://eiop.or.at/eiop/texte/2003-002.htm
dc.identifier http://www.doaj.org/doaj?func=openurl&genre=article&issn=10275193&date=2003&volume=7&issue=&spage=2
dc.identifier.uri http://koha.mediu.edu.my:8181/jspui/handle/123456789/5843
dc.description The paper discusses the framework of ERM2 (the exchange rate mechanism of EMU, the Economic and Monetary Union) and its suitability for accession countries / advanced transition economies. It analyzes the exchange rate mechanism from two aspects. First, it considers how ERM2 regulates the monetary cohabitation of "ins" (Eurozone members) and "outs"(non-Eurozone members of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the first point of view it discusses whether ERM2 sufficiently protects "outs" from speculative attacks, and "ins" from competitive devaluation of the "outs". From the second angle it examines whether ERM2 provides an appropriate environment for "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro-zone. The principal argument of the paper is that the more ERM2 fulfils its first task, that is to regulate the relationship of "ins" and "outs" in a satisfactory way, the less it fulfils its second task, that is to lead "outs" in the Eurozone. Apart from that, the present framework of ERM2 and the convergence criteria together are not suitable for a fast and quick entry of the Central and Eastern European accession countries to the euro area. In order to overcome these pitfalls the author makes some proposals as well.
dc.publisher ECSA-Austria
dc.source European Integration Online Papers
dc.subject currency
dc.subject East-Central Europe
dc.subject economic policy
dc.subject enlargement
dc.subject EMU
dc.subject ERM
dc.subject Euro
dc.subject European Central Bank
dc.subject political economy
dc.subject stability pact
dc.subject Maastricht Treaty
dc.subject economics
dc.title The monetary framework after accession a political economy analysis of ERM2


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