The Eastern Enlargement of the Eurozone
The Eastern Enlargement of the EU will not be complete until the new member states join the EMU. Economic and political economy arguments point to fast EMU accession of new member states. Failure to do so will create a two speed Europe
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The Eastern Enlargement of the Eurozone Edited by
MAREK DABROWSKI Center for Social and Economic Research, Warsaw, Poland and
JACEK ROSTOWSKI Center for Social and Economic Research, Warsaw & Central European University, Budapest, Hungary
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN-10 ISBN-13 ISBN-10 ISBN-13
0-387-25764-0 (HB) 978-0-387-25764-8 (HB) 0-387-25766-7 ( e-book) 978-0-387-25766-2 (e-book)
Published by Springer, P.O. Box 17, 3300 AA Dordrecht, The Netherlands. www.springeronline.com
Printed on acid-free paper
All Rights Reserved © 2006 Springer No part of this work may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, microfilming, recording or otherwise, without written permission from the Publisher, with the exception of any material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Printed in the Netherlands.
TABLE OF CONTENTS
List of Tables ................................................................................................vii List of Figures................................................................................................ix Contributors ...................................................................................................xi Acknowledgements.......................................................................................xv Chapter 1. When Should the New Member States Join EMU? ......................1 J. Rostowski
Chapter 2. The Exchange Rate: Shock Generator or Shock Absorber?........15 M. Maliszewska, W. Maliszewska
Chapter 3. Do the New Member States Fit the Optimum-Currency-Area Criteria? ........................................................................................................41 M. Blaszkiewicz-Schwartzman, P. Wozniak
Chapter 4. EMU Enlargment and Trade Creation ........................................63 M. Maliszewska
Chapter 5. Future EMU Membership and Wage Flexibility.........................75 A. Radziwill, M. Walewski
Chapter 6. Exchange Rate Regimes and Nominal Convergence ..................91 M. Szczurek
Chapter 7. EMU Enlargement and the Choice of Euro Conversion Rates .113 L. W. Rawdanowicz
Chapter 8. The Short-Run Macroeconomic Effects of Discretionary Fiscal Policy Changes.................................................................................131 J. Siwinska, P. Bujak
Chapter 9. How to Reform the Stability and Growth Pact .........................147 J. Rostowski
Chapter 10. Uneven Growth in a Monetary Union.....................................159 N. Zoubanov
Chapter 11. ECB Decision-Making in an Enlarged EMU ..........................183 W. Paczynski
Chapter 12. A Strategy for EMU Enlargement...........................................199 M. Dabrowski
Index ...........................................................................................................227
v
LIST OF TABLES Tab
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