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The Eastward Enlargement of the Eurozone - State of the Art Report

Author

Listed:
  • Michael Bolle

    (Jean Monnet Centre of Excellence, Freie Universitaet Berlin)

  • José Caétano

    (Departemento de Economia, University of Évora)

  • Jaakko Kiander

    (Government Institute of Economic Research (VATT) Helsinki)

  • Vladimir Lavrac

    (Institute of Economic Research (IER) Ljubljana)

  • Renzo Orsi

    (Dipartemento di Scienze Economiche, University of Bologna)

  • Tiiu Paas

    (Oeconomicum, University of Tartu)

  • Katarzyna Zukrowska

    (Institute of International Studies, Warsaw School of Economics)

Abstract

European Monetary Union (EMU) and its enlargement to prospective members in central and eastern Europe is a politically highly desired process, given that everything works out smoothly. The future eurozone will show a much higher degree of heterogeneity than now. The CEEC are in the process of transition from a planned to a market economy. Despite considerable progress during the past decade, much remains to be done in economic, social, and political terms. However, it is important to note that monetary integration is not a stand alone project, but is preceded by the EU enlargement and its obligation to adopt the acquis communautaire. Both events will be mutually reinforcing: The acquis contains numerous rules and institutions to be followed or created by the prospective members, albeit enforcement will be a problem. The success of the eastward enlargement of the eurozone depends on these institutions and, thus, increases the costs of failure. On the other hand, a successfully introduced euro in the CEEC will facilitate the whole integration process.

Suggested Citation

  • Michael Bolle & José Caétano & Jaakko Kiander & Vladimir Lavrac & Renzo Orsi & Tiiu Paas & Katarzyna Zukrowska, 2002. "The Eastward Enlargement of the Eurozone - State of the Art Report," Eastward Enlargement of the Euro-zone Working Papers wp02, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jan 2002.
    • Handle: RePEc:ezo:ezppap:wp02
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    File URL: http://www.ezoneplus.org/archiv/ezoneplus_wp_two.pdf
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    References listed on IDEAS

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    2. Hanns-Dieter Jacobsen et. al, 2004. "Economic, Political, Institutional as well as Social Risks and Opportunities of EMU Enlargement," Eastward Enlargement of the Euro-zone Working Papers wp22, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jun 2004.

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