The Euroarea and the New EU Member States

1. Front Matter

   Pages i-xxiv

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2. General Policy Issues for the Accession Countries

   1. Front Matter

      Pages 1-1

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   2. Introduction — Monetary Integration of Central and East European Accession Countries: The Pros and Cons of Speedy versus More Gradual Strategies

      • Peter Backé, Cezary Wójcik

      Pages 3-22

   3. Is Accession to EMU More Justifiable ex post than ex ante?

      • Jarko Fidrmuc

      Pages 23-38

   4. Modelling Alternative Paths to EMU for the Accession Countries

      • Lúcio Vinhas de Souza, Elisabeth Ledrut

      Pages 39-53

   5. Macroeconomic Adjustment in EU Accession Countries: An Analysis Using a Small Macroeconomic Model

      • Bas van Aarle, Joseph Plasmans, Bruno Merlevede

      Pages 54-78

   6. Nominal and Real Forex Regimes and EMU Accession

      • Pieter van Foreest, Casper de Vries

      Pages 79-99

3. Country-specific Monetary Policy and Exchange Rate Questions in the Run-up to Monetary Union

   1. Front Matter

      Pages 101-101

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   2. Slovenia’s Monetary and Exchange Rate Framework in the Run-up to ERM II

      • Gonzalo Caprirolo, Vladimir Lavrač

      Pages 103-129

   3. Monetary Policy in Estonia: The Transmission Mechanism

      • Urmas Sepp, Martti Randveer, Raoul Lättemäe

      Pages 130-163

   4. Czech Monetary Policy on the Road to European (Monetary) Union

      • Roman Matoušek, Anita Taci

      Pages 164-179

   5. Poland’s Accession to EMU — Choosing the Exchange Rate Parity

      • Łukasz Rawdanowicz

      Pages 180-202

   6. Monetary and Exchange Rate Strategies in Hungary on the Way to the Euro

      • Attila Csajbók

      Pages 203-224

4. Back Matter

   Pages 225-239

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This collection analyses the monetary and exchange rate strategies of the EU accession countries during the EMU (pre-) accession phase and also policy questions that will appear upon Euroarea entry. Written by specialists in the field, it is a must-read for all economists with an interest in the rapidly evolving economies of the future EU member states.

• macroeconomics
• monetary policy
• monetary union

• Kiel Institute for World Economics, Germany

  Lúcio Vinhas Souza

• Catholic University Leuven, Belgium

  Bas Aarle

PETER BACKE Economist, Central Bank of Austria GONZALO CAPRIOLO State Undersecretary and Chief Economist, Ministry of Finance of Slovenia ATTILA CSAJBÓK Deputy Head of the Monetary Analysis Division, Economics Department, Magyar Nemzeti Bank (Central Bank of Hungary) CASPER G. DE VRIES Professor of Economics, Erasmus University, Rotterdam, The Netherlands JARKO FIDRMUC Economist, Central Bank of Austria RAOUL LÄTTEMÄE Economist, Bank of Estonia VLADMIR LAVRAC Senior Research Fellow, Institute for Economic Research, Ljubljana, Slovenia ELISABETH LEDRUT Economist, Central Bank of The Netherlands ROMAN MATOUSEK Associate Lecturer, London Guildhall University BRUNO MERLEVEDE Researcher, Faculty of Applied Economics, University of Antwerp, Belgium JOSEPH PLASMANS Professor, Faculty of Applied Economics, University of Antwerp, Belgium LUKASZ W. RAWDANOWICZ Economist, Center for Social and Economic Research, Warsaw, Poland MARTTI RANDVEER Head of Research Department, Bank of Estonia URMAS SEPP formerly Head of Research Department at the Bank of Estonia from 1993 until his death in 2002 ANITA TACI Economist, Chief Economist Office, European Bank of Reconstruction and Development, London PIETER W. VAN FOREST Erasmus University, Rotterdam, The Netherlands CEZARY WÓJCIK Assistant Professor, University of Warsaw, Poland

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