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dc.contributor.authorDarvas, Zsolten_US
dc.date.accessioned2011-05-12T10:12:21Z-
dc.date.available2011-05-12T10:12:21Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/45534-
dc.description.abstractResident Fellow Zsolt Darvas takes a look at the issue of the Baltic states - Estonia, Latvia and Lithuania - and the challenges facing those three countries in the aftermath of the financial crisis. He argues that because it is in the broader European interest to prevent a collapse in the Baltics, the best option is immediate euro entry at a suitable exchange rate supported by appropriate resolution in order to manage the resulting debt overhang. However, there seems to be no legal basis for this under the current euro accession criteria. Furthermore, the economic foundations of the criteria are fundamentally flawed, as euro-area members continue to violate the criteria while the EU's expansion to 27 members has made the criteria tougher for new member states to meet themselves. Ultimately, the European Council has the ability to reform the criteria without a formal treaty change. The Council should do so, the author argues, and allow for more meaningful benchmarks for all future euro-area applicants.en_US
dc.language.isoengen_US
dc.publisherBruegel Brusselsen_US
dc.relation.ispartofseriesBruegel policy contribution 2009/13en_US
dc.subject.ddc330en_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwEurozoneen_US
dc.subject.stwWirtschaftslageen_US
dc.subject.stwWirtschaftspolitiken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwLeistungsbilanzen_US
dc.subject.stwZahlungsbilanzungleichgewichten_US
dc.subject.stwEstlanden_US
dc.subject.stwLettlanden_US
dc.subject.stwLitauenen_US
dc.titleThe Baltic challenge and Euro-area entryen_US
dc.typeWorking Paperen_US
dc.identifier.ppn617272328en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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