Varieties of euro adoption strategies in Visegrad countries before the pandemic crisis

Bod, Péter Ákos ORCID:, Pócsik, Orsolya and Neszmélyi, György Iván (2021) Varieties of euro adoption strategies in Visegrad countries before the pandemic crisis. Acta Oeconomica, 71 (4). pp. 519-550. DOI 10.1556/032.2021.00038

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The enlargement of the euro area (EA), an unfinished process, was low on the European agenda in the period between the 2008 and the 2020 crises. The socio-economic consequences of the coronavirus pandemic and frictions in geopolitics would call for a coherent Europe, yet new and old fault-lines appeared in the EU involving the eastern periphery where sovereignty issues gained particular importance. The authors revisit the euro adoption process of the new member states, with a focus on the Visegrad Group (V4) countries, applying a two-track approach: a monetary policy analyses of EA entry as a rational cost/benefit issue and, second, a political economic survey of key stakeholders, set in the context of the dilemmas of retaining or sacrificing nominal monetary sovereignty. Even a piecemeal enlargement of the EA, involving Bulgaria, Croatia and Romania, would cause business consequences and political repercussions in the countries left out of EA. The paper concludes that further moves towards a developmental state model would preclude euro adoption and put such member state in collision course with the core Europe.

Item Type:Article
Uncontrolled Keywords:Central and Eastern Europe, euro adoption; economic policy, middle-income trap
JEL classification:E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
E65 - Studies of Particular Policy Episodes
F15 - Economic Integration
P26 - Socialist Systems and Transitional Economies: Political Economy; Property Rights
F45 - Macroeconomic Issues of Monetary Unions
R50 - Regional Government Analysis: General
Divisions:Faculty of Economics > Department of Economic Policy
International relations
ID Code:7074
Deposited By: Ádám Hoffmann
Deposited On:14 Dec 2021 08:27
Last Modified:14 Dec 2021 13:03

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