Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19250
Authors: 
Krawczyk, Mariusz K.
Year of Publication: 
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
JEL: 
F36
F33
F32
Document Type: 
Working Paper

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