The Case for Euroisation in Central and Eastern European Countries
نویسنده
چکیده
This paper discusses the issue of euroisation – the unilateral adoption of the euro as legal tender in five Central and Eastern European Countries. The sample consists of the three frontrunners Czech Republic, Hungary and Poland a runner-up – Bulgaria – and a laggard – Romania in the accession to the European Union (EU) and Economic Monetary Union (EMU). A preliminary survey of the current fixed-versus-flexible exchange rates debate shows that the adoption of another country’s currency involves specific costs and benefits that are beyond the scope of the classical Optimum Currency Area theory. In order to evaluate the case for euroisation, the examination of the standard OCA criteria has been integrated with an analysis of the financial vulnerability of these economies and estimates of the seigniorage, which is foregone once that a country abandons its currency. Moreover, an early adoption of the euro has to be assessed in the political framework of accession to the EU and EMU, and within the institutional constraints set by the Maastrich Treaty. On this respect, EU policy-makers revealed hostility towards a hypothetical decision to euroise before entering the EU and EMU. In conclusion, an early switch to the euro is probably a too risky choice for the front-runners, while only for Bulgaria this option could present a net gain. Draft version: 6 March 2000
منابع مشابه
Prevalence of hepatitis A across various countries in the Middle East, African and Eastern European countries
متن کامل
Colonial organization of space constitutes for the foundation of territorial insecurity in Sistan and Baloochestan
The major factors of insecurity in the East, away from the security of geopolitical area were because of the formation of political management in the nineteenth century colonial style. The security factor in the vast region of the East that encompasses at least three countries of Iran and Afghanistan and Pakistan is very important and highly effective. It reached its peak colonial Anglo-Russian...
متن کاملگفتن خبر بد به بیمار و جوانب مختلف آن
Breaking bad news to the patients does not back to a long history and is a controversial issue between patients and physicians. Many physicians are reluctant to breaking bad news to patients and this is not desirable for most patients. For example, in Northern European countries and United States, most physicians usually break bad news to the patients, while in Southern and Eastern European cou...
متن کاملCholecystectomy and Diagnosis-Related Groups (DRGs): Patient Classification and Hospital Reimbursement in 11 European Countries
Background As part of the EuroDRG project, researchers from eleven countries (i.e. Austria, England, Estonia, Finland, France, Germany, Ireland, Netherlands, Poland, Sweden, and Spain) compared how their Diagnosis-Related Groups (DRG) systems deal with cholecystectomy patients. The study aims to assist surgeons and national authorities to optimize their DRG systems. Methods National or region...
متن کاملTo What Extent Is Long-term Care Representative of Elderly Care? A Case Study of Elderly Care Financing in Lombardy, Italy
The ageing of European population has been rapidly increasing during the last decades, and the problem of elderly care financing has become an issue for policy-makers. Long-term care (LTC) financing is considered a suitable proxy of the resources committed to elderly care by each government, but the preciseness of this approximation depends on the extent to which LTC is representative of elderl...
متن کامل