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The Euro and Central Europe (from points of view of monetary integration maturity)

Palánkai, Tibor (2017) The Euro and Central Europe (from points of view of monetary integration maturity). Society and Economy, 39 (1). pp. 1-25. DOI 10.1556/204.2017.39.1.1

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Official URL: http://dx.doi.org/10.1556/204.2017.39.1.1


Abstract

The paper discusses the frameworks and development of the introduction of the Euro in Central Europe, with a focus on pre-entry countries (Czechia, Hungary, Poland, Romania and Croatia). The main elements of monetary integration maturity are the state of real-integration (possibilities of large saving in transaction costs), meeting the criteria of functioning market economy and the single market; macro-economic stability and meeting the Maastricht criteria; and shortcomings of absorption (integration) capacities of the EU. Controversial questions are also discussed, such as requirements concerning inflation, the budget deficit or exchange rate stability. The paper argues that the countries under scrutiny show diverging courses of action and policies, public support is also unclear, and the interests of TNCs and political elites contradict each other. Cultural, legal, security or emotional factors will pay a key role in eventual adoption, and prospects also depend on the solution of the current debt and migration crises.

Item Type:Article
Uncontrolled Keywords:Euro and Central Europe, monetary maturity, diverging interests, attitudes, policies, prospects
JEL classification:F20 - International Factor Movements and International Business: General
F30 - International Finance: General
Subjects:Finance
International relations
Projects:TÁMOP 4.2.4.A/2-11-1-2012-0001
DOI:10.1556/204.2017.39.1.1
ID Code:2784
Deposited By: Ádám Hoffmann
Deposited On:03 Apr 2017 11:33
Last Modified:03 Apr 2017 11:33

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