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2008 | 55 | 10 | 833-873
Tytuł artykułu

Euro-area enlargement and euro adoption strategies

Warianty tytułu
Języki publikacji
HU
Abstrakty
EN
This paper commissioned by DG ECFIN from the EU Commission as part of the EMU@10 project and published in Hungarian by the permission of the EU Commission. The original English version is available at http://ec.europa.eu/economy_finance/publications/ publication_summary12103_en.htm. The paper discusses the risks and challenges faced by new members on the road to the euro and the strategies and timing of euro adoption. It investigates the real/nominal convergence nexus from the perspective of euro-area entry, arguing that the initial level of economic development, as measured by per capita income, and the speed of real convergence have a bearing on the strategies to follow and the timing of entry into the euro area, for the lower per capita income is, the larger is the price-level gap to close and the greater the danger of credit booms and overheating. It is argued that inflation targeting with floating rates is better suited than hard pegs to managing the price-level catch-up process. A suggestion is made for modifying the Maastricht inflation criterion, which as currently defined has lost its economic logic.
Rocznik
Tom
55
Numer
10
Strony
833-873
Opis fizyczny
Rodzaj publikacji
ARTICLE
Twórcy
autor
  • Zsolt Darvas, no address given, contact the journal editor
Bibliografia
Typ dokumentu
Bibliografia
Identyfikatory
CEJSH db identifier
10HUAAAA07875
Identyfikator YADDA
bwmeta1.element.78a92f7d-befa-311f-adb3-e43276c42212
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