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Title:A Currency Crisis in Europe? The Europe's common currency and the new accession countries PDF Logo
Authors:Krawczyk, Mariusz K.
Issue Date:2004
Series/Report no.:HWWA Discussion Paper 278
Abstract:The politically and legally complicated character of the EU Eastern Enlargement heavily influenced the conflict between the legal and economic rationality underlying the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the required participation of all accession countries in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more flexible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on the country?s economic conditions.
Subjects:EU enlargement
monetary integration
currency crisis
asset substitution
Document Type:Working Paper
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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