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Selected transition and Mediterranean countries: an institutional primer on EMU and EU accession

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  • Heliodoro Temprano‐Arroyo
  • Robert A. Feldman

Abstract

The paper examines the institutional channels through which Economic and Monetary Union (EMU) in the European Union (EU) can affect the transition countries of Central and Eastern Europe and three Mediterranean countries that aspire to join the EU. After describing the current institutional framework for relations between the EU and these countries, the paper considers two categories of institutional implications of EMU. The first stems from the need to satisfy the Maastricht convergence criteria before joining the euro area. Although the Maastricht criteria are not accession criteria, many of the countries reviewed are already formulating their macroeconomic policies in a way that will facilitate convergence toward the Maastricht targets. The second implication stems from the need to adopt the EU’s institutional and legal provisions in the area of EMU, such as those referring to the establishment of independent central banks, the prohibition of central bank financing of the government and the liberalization of capital movements. Finally, the paper discusses some of the key policy issues that EMU raises for the countries reviewed, in particular regarding exchange rate policy, capital account liberalization and the possible conflict between growth‐enhancing measures and the Maastricht criteria.

Suggested Citation

  • Heliodoro Temprano‐Arroyo & Robert A. Feldman, 1999. "Selected transition and Mediterranean countries: an institutional primer on EMU and EU accession," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(3), pages 741-805, November.
  • Handle: RePEc:bla:etrans:v:7:y:1999:i:3:p:741-805
    DOI: 10.1111/1468-0351.00033
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    Citations

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    Cited by:

    1. Mergos, G. & Stoforos, C. & Mishev, P. & Ivanova, N., 2001. "Analysing agricultural policy reforms under transition in Bulgaria," Food Policy, Elsevier, vol. 26(5), pages 475-493, October.
    2. Richard Pomfret, 2000. "Regional Trade Arrangements and Economies in Transition: The Central Asian Countries," School of Economics and Public Policy Working Papers 2000-09, University of Adelaide, School of Economics and Public Policy.
    3. Habib, Maurizio Michael, 2002. "Financial contagion, interest rates and the role of the exchange rate as shock absorber in Central and Eastern Europe," BOFIT Discussion Papers 7/2002, Bank of Finland Institute for Emerging Economies (BOFIT).
    4. George Syrichas, 2008. "Monetary Policy Strategy and the Euro: Lessons from Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 2(2), pages 81-102, December.
    5. Tarafás, Imre, 2001. "A kamat, az árfolyam és a forint hátralévő évei [Interest, exchange rates and the remaining years of the forint]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 480-497.
    6. Frensch, Richard, 2001. "Some perspectives on currency relations between EMU and Central and East European EU accession countries," Economic Systems, Elsevier, vol. 25(3), pages 175-181, September.
    7. repec:lic:licosd:10301 is not listed on IDEAS
    8. repec:zbw:bofitp:2002_007 is not listed on IDEAS
    9. D. Mario Nuti, 2000. "The Costs and Benefits of Euro-sation in Central-Eastern Europe Before or Instead of EMU Membership," William Davidson Institute Working Papers Series 340, William Davidson Institute at the University of Michigan.
    10. Solingen, Etel & Ozyurt, Saba Şenses, 2004. "Mare Nostrum? The Sources, Logic, and Dilemmas of the Euro-Mediterranean Partnership," Institute of European Studies, Working Paper Series qt4kj4q4c8, Institute of European Studies, UC Berkeley.
    11. Tal Sadeh, 2006. "Adjusting to the EMU," European Union Politics, , vol. 7(3), pages 347-372, September.
    12. Weimann, Marco, 2002. "OCA theory and EMU eastern enlargement: An empirical application," Dresden Discussion Paper Series in Economics 07/02, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
    13. Weimann, Marco, 2003. "OCA theory and EMU Eastern enlargement: An empirical application," Research Notes 8, Deutsche Bank Research.
    14. Habib, Maurizio Michael, 2002. "Financial contagion, interest rates and the role of the exchange rate as shock absorber in Central and Eastern Europe," BOFIT Discussion Papers 7/2002, Bank of Finland, Institute for Economies in Transition.
    15. Heather D. Gibson & Euclid Tsakalotos, 2005. "EU Enlargement, ERM II and Lessons from the Southern European countries," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 3(1), pages 41-78.

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