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2011 | 10 | nr 1 | 120-130
Tytuł artykułu

An Overview to the Exchange Rate Stability as A Criterion of the Accession to the Euro Zone

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The paper's objective is to present the results of an analysis of the exchange rate convergence criterion fulfilment by the European Union member states which still use their national currencies and the indication of the fundamental determinants that affect their ability to meet it. There is essential legislation on this criterion indicated, as well as on the ERM2 system which is directly related to it, and the stability of the currencies of EU countries is also briefly examined. The major conclusions include the statement that the interpretation of legal provisions on the exchange rate convergence crite rion allows large subjectivity in assessing its fulfilment by each country. On the other hand, significant fluctuations in exchange rates during recent years, can impede considerably their stabilisation prior to the accession to the euro area and extend the necessary stay in ERM2 system, which in turn will in crease the risk of speculation connected with it. Therefore, justified to a certain extent may seem pro posed abolition of the obligation to formal accession to ERM2 and replacing it with a quantitative criterion related solely to exchange rate fluctuations. (original abstract)
Słowa kluczowe
Rocznik
Tom
10
Numer
Strony
120-130
Opis fizyczny
Twórcy
  • Wrocław University of Economics, Poland
Bibliografia
  • Agreement of 16 March 2006 between the European Central Bank and the national cen tral banks of the Member States outside the euro area laying down the operating proce dures for an exchange rate mecha nism in stage three of Economic and Monetary Union (2006). OJ C 73, 25.03.2006, p. 21, with further amend ments.
  • Bąk, H. (2008). Interpretacja kryteriów konwergencji. In: Ostaszewski, J. (ed.), Polska w strefie euro. Szanse i zagrożenia (pp. 15-28). Warszawa: Wyd. SGH.
  • Borowski, J., Brzoza-Brzezina, M., Szpunar, P. (2003): Exchange Rate Regimes and Po land's Participation in ERM II. Bank i Kredyt nr 1, pp. 18-27.
  • Convergence Report 2008 (2008a). Brussels: European Commission.
  • Convergence Re port May 2008 (2008b). Frankfurt: ECB.
  • Copeland, L.S. (1994). Exchange rates and international finance. Wokingham: Addison Wesley.
  • De Facto Classification of Exchange Rate Regimes and Monetary Policy Frameworks. Data as of April 31, 2008 (2008). 02.05.2011 http://www.imf.org
  • Deroose, S., Baras, J. (2005): The Maastricht Criteria on Price and Exchange Rate Stabil ity and ERM II. In: Schadler, S. (ed.), Euro Adoption in Central and Eastern Europe: Opportunities and Challenges (pp. 128-141). Washington: IMF.
  • Kowalewski, P. (2001). Euro a międzynarodowy system walutowy. Warszawa: Twigger.
  • Michalczyk, W. (2007). Kształtowanie kursu walutowego jako narzędzie realizacji celów polityki gospodarczej. In: Michalczyk, W. (ed.), Wybrane problemy ekonomiczne czasów globalizacji (pp. 19-30). Wrocław: Katedra MSG AE.
  • Michalczyk, W. (2010): The Origins, the Principles and the Operation of the Exchange Rate Stabilisation System ERM2. In: Mi chalczyk, W. (ed.), Evolution of the World Econ omy and International Finance - Selected Problems (pp. 94-111). Wro cław: Katedra MSG UE.
  • Policy position of the Governing Council of the European Central Bank on exchange rate issues relating to the acceding countries - 18 December 2003 (2003). 01.09.2009 http://www.ecb.int
  • Protocol on the convergence criteria referred to in Article 121 of the Treaty establishing the European Community (1992). OJ C 321, 29.12.2006, p. 37.
  • Raport na temat korzyści i kosztów przystąpienia Polski do strefy euro (2004). Borowski, J. (ed.). Warszawa: NBP.
  • Resolution of the European Council on the establishment of an exchange-rate mecha nism in the third stage of economic and monetary union - Amsterdam, 16 June 1997 (1997). OJ C 236, 02.08.1997, p. 5.
  • Schadler, S., Drummond, P., Kuijs, L., Murgasova, Z., Van Elkan, R. (2005). Adopting the euro in Central Europe. Challenges of the next step in European integration. Washington: IMF.
  • Tchorek, G. (2004). Konwergencja nominalna i realna a uczest nictwo zło tego w ERM II. Gospodarka Narodowa nr 10, pp. 23-43.
  • The Acceding Countries' Strategies To wards ERM II and the Adoption of the Euro: an Analytical Review (2004). Backé, P., Thimann, Ch. (ed.). Frankfurt: ECB.
  • Treaty establishing the European Community (1992). OJ C 321, 29.12.2006, p. 37.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171195061
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