Discussion Paper, Europa-Kolleg Hamburg, Institute for European Integration 4/13
The future of economic and monetary integration in the European Union is of outstanding importance for the Central- and East-European Member States of the European Union. Three of the Central- and East-European countries have already joined the Euro Area and their experiences show that only those countries are successful in adapting a common currency and a common monetary policy where the economy is competitive, where macro-economic imbalances are under control and where the institutional system provides for avoiding the creation of bubbles and for preserving international competiveness. For non-Euro Area Central- and East-European countries there are a lot of pro- and contra arguments concerning the adaption of the euro. The fiscal and institutional crisis of the Euro Area will make these countries more careful in passing the necessary decisions. The fulfilling of the Maastricht criteria itself will not be enough for a successful participation in the common currency area.