Designing Poland’s Macroeconomic Strategy on the Way to the Euro Area

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Designing Poland’s Macroeconomic Strategy on the Way to the Euro Area

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Jakub Borowski (National Bank of Poland)
Michal Brzoza- Brzezina (National Bank of Poland)

Additional information is available for the following registered author(s):

Michal Brzoza-Brzezina

Abstract

In this paper we discuss selected aspects of Poland’s road to the euro zone. Our attention focuses on the proper design of macroeconomic policy during the accession period. We address the issue of entering ERM II, with special attention to the choice of central parity, fluctuation bands, possible revaluation of the parity and sharing the burden of interventions with the ECB. Further we concentrate on the issue of a simultaneous fulfilment of all convergence criteria. We point at the central role of fiscal austerity in providing a save framework for fulfilling the inflation, exchange rate and, obviously, the public deficit criteria. The key role of timing is accentuated.

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Paper provided by EconWPA in its series Macroeconomics with number 0404015.

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Length: 27 pages
Date of creation: 20 Apr 2004
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Handle: RePEc:wpa:wuwpma:0404015

Note: Type of Document - pdf; pages: 27
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Find related papers by JEL classification:
E - Macroeconomics and Monetary Economics
F - International Economics

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-04-25 (All new papers)
NEP-IFN-2004-04-25 (International Finance)
NEP-MAC-2004-04-25 (Macroeconomics)
NEP-MON-2004-04-25 (Monetary Economics)
NEP-REG-2004-04-25 (Regulation)
NEP-TRA-2004-04-25 (Transition Economics)

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Balázs Égert & Imed Drine & Kirsten Lommatzsch & Christophe Rault, 2002. "The Balassa-Samuelson effect in Central and Eastern Europe: Myth or reality?," William Davidson Institute Working Papers Series 483, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
Other versions:
- Egert, Balazs & Drine, Imed & Lommatzsch, Kirsten & Rault, Christophe, 2003. "The Balassa-Samuelson effect in Central and Eastern Europe: myth or reality?," Journal of Comparative Economics, Elsevier, vol. 31(3), pages 552-572, September. [Downloadable!] (restricted)
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Other versions:
- Matthew B. Canzoneri & Robert E. Cumby & Behzad Diba, 1996. "Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries," NBER Working Papers 5676, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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