Who Will Be The Next In Line To Join The Euro Area
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Author | : António Portugal Duarte |
Publisher | : |
Total Pages | : |
Release | : 2022 |
Genre | : |
ISBN | : |
The aim of this paper is to investigate business cycle synchronization between seven candidate countries to the Euro Area (EA) - Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden - and the Euro Area (EA-12/EA-19), France and Germany. The Hodrick-Prescott filter is used to decompose the real Gross Domestic Product into trend and cyclical components for the period 1995Q1-2019Q4. The results point to the existence of a strong business cycle synchronization between Sweden and the Euro Area, Germany, and France. The second highest correlation was observed for the Czech Republic followed by Hungary, Poland and Croatia. In contrast, Bulgaria and Romania show the weakest business cycle synchronization with both the Euro Area and the core economies. We conclude that Sweden is the most prepared country to be the next passenger in the single currency train from the perspective of business cycle synchronization.
Author | : Lucio Vinhas De Souza |
Publisher | : Springer |
Total Pages | : 261 |
Release | : 2003-11-19 |
Genre | : Business & Economics |
ISBN | : 1403938687 |
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.
Author | : Rishi Goyal |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2013-02-12 |
Genre | : Business & Economics |
ISBN | : 1475569823 |
The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Author | : Miroslav Beblavý |
Publisher | : Cambridge University Press |
Total Pages | : 373 |
Release | : 2011-10-06 |
Genre | : Business & Economics |
ISBN | : 1139503634 |
The financial crisis of 2007–10 has presented a number of key policy challenges for those concerned with the long-term stability of the euro area. It has shown that price stability as provided by the European Central Bank is not enough to guarantee financial stability, and exposed fault lines in governance and deficiencies in the architecture of the financial supervisory and regulatory framework. This book addresses these and other issues, including why the crisis affected some countries more than others, whether the euro is still attractive for new EU states, and what policy changes and structural reforms, both macro and micro, should be undertaken to ensure its future viability. Written by a team of leading academic and central bank economists, the book also includes chapters on the cross-country incidence of the crisis, the Irish crisis and ECB monetary policy during the crisis, and studies on Spain, the Baltics, Slovakia and Slovenia.
Author | : Stephen Pickford |
Publisher | : Chatham House |
Total Pages | : 56 |
Release | : 2015-01-31 |
Genre | : Business & Economics |
ISBN | : 9781784130138 |
The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Author | : International Monetary Fund. European Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 64 |
Release | : 2018-07-19 |
Genre | : Business & Economics |
ISBN | : 1484369009 |
This is a time to strengthen the resilience of the euro area and raise its long-term growth potential. Despite the recent slowdown and coming end of quantitative easing, growth remains strong and monetary conditions accommodative. Member countries should grasp the opportunity to address deep structural challenges, rebuild thin policy buffers, and rebalance externally. Mounting downside risks add urgency. The supportive monetary stance should be maintained until inflation is convincingly converging to objective. As net asset purchases draw to a close, clear forward guidance will become even more important.
Author | : |
Publisher | : |
Total Pages | : 419 |
Release | : 2019 |
Genre | : |
ISBN | : 9789295085336 |
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Author | : Tanja Börzel |
Publisher | : Routledge |
Total Pages | : 282 |
Release | : 2017-10-24 |
Genre | : Political Science |
ISBN | : 1351377671 |
The effects of the Eastern enlargement, the biggest so far, are still felt across the European Union (EU). Many warned the EU was about to overreach the limits of its integration capacity. More than a decade later, this book presents a broad-based and systematic evaluation of the 2004–2007’s enlargement and its impact on the EU. In contrast to widespread scepticism, our results show that the EU’s integration capacity has been strong. Credible accession conditionality and pre-accession assistance have had a positive impact on democracy, governance capacity, and economic transformation, at least before accession. After accession, EU institutions have proven resilient. Eastern enlargement has not affected negatively the legislative capacity of the EU. It has not led to a deterioration of compliance and implementation of EU law either; initial differentiated integration has quickly returned to normal levels. This generally positive assessment stands in stark contrast with increasing public opposition to future EU enlargements. We identify some less known sources of such opposition: the lack of communication and political debate about enlargement between EU leaders and their citizens. Public opposition undermines the credibility of EU conditionality, which is crucial for having a positive impact on neighbouring countries in the future. The chapters in this book originally appeared in a special issue in the Journal of European Public Policy.
Author | : International Monetary Fund. Statistics Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 864 |
Release | : 2015-02-27 |
Genre | : Business & Economics |
ISBN | : 149837915X |
This March issue of International Financial Statistics (IFS) is a standard source of statistics on all aspects of international and domestic finance. Balance-of-Payments Statistics Yearbook contains two sections; World and Regional Tables, and Country Tables. The first section presents 21 world and regional tables for major components of the balance of payments, net International Investment Position (IIP), and total financial assets and total liabilities for the IIP. The second section provides detailed tables on balance-of-payments statistics for 189 economies and IIP data for 143 economies. IFS, Balance-of-Payments Statistics, Direction of Trade Statistics, and Government Finance Statistics are available on CD-ROM by annual subscription. The CD-ROMs incorporate a Windows-based browser facility, as well as a flat file of the database in scientific notation. The Statistics Department of the IMF is pleased to make available to users the IFS, Balance-of-Payments Statistics, Direction of Trade Statistics, and Government Finance Statistics databases through the new, easy-to-use data.IMF.org online service. New features include Data Portals, which provide quick access to predefined tables, maps, graphs, and charts aimed at visualizing many common data searches.
Author | : International Monetary Fund. Statistics Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 847 |
Release | : 2014-08-01 |
Genre | : Business & Economics |
ISBN | : 1484364082 |
The IMF’s principal statistical publication, International Financial Statistics (IFS) Online, is the standard source of international statistics on all aspects of international and domestic finance. For most countries, IFS Online reports data on balance of payments, international investment position, international liquidity, monetary and financial statistics, exchange rates, interest rates, prices, production, government accounts, national accounts, and population. Updated monthly.