Ready or not? Constructing the Monetary Union Readiness Index

نویسندگان

چکیده

Abstract While all EU Member States can join the group's monetary union, euro area, some members are far more ready for adoption and use of single European currency. Here, we construct a new Monetary Union Readiness Index (MURI) States. The theoretical framework index is built on economic theory Optimal Currency Areas regulations such as Treaty Maastricht criteria, Regulation Macroeconomic Imbalance Procedure. measures (i) nominal convergence, (ii) real (iii) macroeconomic stability. MURI provides an easy to real-time policy tool evaluate both candidate current area members. Hence, it complements, aggregates communicates key information in annual convergence reports official statistics. Our evaluation finds that Austria, Finland, Denmark, Sweden Germany showed highest level compliance with different criteria 2018, while Greece, Cyprus, Romania, Spain, Italy were least compliant.

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ژورنال

عنوان ژورنال: Journal of Central Banking Theory and Practice

سال: 2022

ISSN: ['1800-9581', '2336-9205']

DOI: https://doi.org/10.2478/jcbtp-2022-0002