English, Article edition: The monetary framework after accession – a political economy analysis of ERM2 Fölsz, Attila

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/66823
Physical Description
  • article
Language
  • English

Edition details

Title
  • The monetary framework after accession – a political economy analysis of ERM2
Author
  • Fölsz, Attila
Physical Description
  • article
Notes
  • 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.
  • currency; East-Central Europe; economic policy; enlargement; EMU; ERM; Euro; European Central Bank; political economy; stability pact; Maastricht Treaty; economics
  • RePEc:erp:eiopxx:p0094
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment