Monetary Integration of the New EU Member States: What Sets the Pace of Euro Adoption?

How fast should the new Member States of the European Union (NMS) relinquish their domestic monetary and exchange rate autonomy? While the Maastricht convergence criteria are attracting significant attention (particularly the inflation and deficit criteria), we think the debate should also examine t...

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Published inJournal of common market studies Vol. 45; no. 2; pp. 367 - 409
Main Authors ANGELONI, IGNAZIO, FLAD, MICHAEL, MONGELLI, FRANCESCO PAOLO
Format Journal Article
LanguageEnglish
Published Oxford, UK Blackwell Publishing Ltd 01.06.2007
Wiley Blackwell
SeriesJournal of Common Market Studies
Subjects
Autonomy
Common markets
Criteria
Currency in circulation
Economic Structure
EU membership
European Union
Exchange Rate
Foreign exchange
Foreign exchange rates
Integration
Monetary policy
Money
Political Integration
Public Debt
Studies
Europe
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Summary:How fast should the new Member States of the European Union (NMS) relinquish their domestic monetary and exchange rate autonomy? While the Maastricht convergence criteria are attracting significant attention (particularly the inflation and deficit criteria), we think the debate should also examine the status of their economic structures and the progress of integration within the EU. Diverse aspects of the monetary integration of the NMS into the euro area are examined. We find less structural convergence is associated with less income convergence. The exchange rate regimes have a bearing on the speed of real convergence: for some NMS, and for some more time, exchange rate flexibility may still serve as a useful shock absorber.
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ArticleID:JCMS715
ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 23
ISSN:0021-9886
1468-5965
DOI:10.1111/j.1468-5965.2007.00715.x