Convergence Problems in the Eurozone
Tomasz Wierzejski
Department of Microeconomics, University of Warmia and Mazury in OlsztynMałgorzata Siemionek
Department of Microeconomics, University of Warmia and Mazury in OlsztynAbstract
This paper analyses the issue of convergence in the Eurozone. The overarching objective was to evaluate the monetary and fiscal convergence of the countries in the Eurozone during the recent period. A further goal was to establish recommendations boosting the economic efficiency of the analysed currency integration of the Eurozone. The paper pinpoints crucial theoretical underpinnings and the current analysis of the Eurozone. Empirical data pertinent to macroeconomic indicators, which were collated and statistically analysed, were also used to delineate crucial issues of convergence in the Eurozone.
Keywords:
Eurozone, convergence criteria, optimum currency areas, Stability and Growth PactReferences
EBC Working Paper Series, 1284. Convergence Report 1998-2010. European Monetary Institute, Frankfurt/Main. De Grauwe P. 2003. Unia walutowa. PWE, Warszawa.
De Grauwe P. 2010. The Financial Crisis and the Future of the Eurozone. Bruges European Economic Policy Brieings, 21.
De Grauwe P. 2011. The Governance of the Fragile Eurozone. CEPS Working Document, 346.
De Grauwe P., Mongelli F.P. 2005. Endogeneites of Optimum Currency Areas. ECB Working Paper Series, 468.
Eurostat, http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home (access on 28.06.2011). Frankel J., Rose A. 1996. The Endogenity of the Optimum Currency Area Criteria. NBER Working Paper, 5700.
Heinz F.F., Ward-Warmedinger M. 2006. Cross-border Labour Mobility within an Enlarged EU. ECB Occasional Paper Series, 52.
Jonas J. 2006. Euro adoption and Maastricht criteria: Rules or discretion? Econ. Systems, 30: 328-345.
Marinheiro C.F. 2008. The stability and growth pact, fiscal policy institutions and stabilization in Europe. Int. Econ. Econ. Policy, 5: 189 -207.
Mongelli F.P. 2002. "New" Views on the Optimum Currency Area Theory: What is EMU Telling Us? ECB Working Paper Series, 138.
Mundell R. 1961. A Theory of Optimum Currency Areas. Amer. Econ. Rev., 51(4): 657-665.
RoguT A. 2010. Koszty i zagrożenia związane z wejściem Polski do strefy euro. In: Mechanizmy funkcjonowania strefy euro. Eds. P. Kowalewski, G. Tchorek, J. Górski. NBP, Warszawa.
Raport na temat pełnego uczestnictwa Rzeczypospolitej Polskiej w trzecim etapie unii gospodarczej i walutowej. 2009. NBP, Warszawa.
Rosati D. 2010. Kierunki zmian w systemie zarządzania fiskalnego strefą euro. Ekonomista, 4: 609-645.
Siemionczyk G., Boćkowski J., Krasuski K., Hońdo T. 2010. Mechanizm stabilizacji strefy euro zadziała psychologicznie. Parkiet, http://www.parkiet.com/artykul/926140.html (access on 20.06.2011)
Tchorek G. 2010. Teoretyczne podstawy integracji walutowej. In: Mechanizmy funkcjonowania strefy euro. Eds. P. Kowalewski, G. Tchorek, J. Górski. NBP, Warszawa.
von Hagen J., Wyplosz C. 2008. EMU's decentralized system of fiscal policy. Economic Papers. Economic and Financial Affairs, Eurpean Commission, 306.
Wiktor J.W. 2005. Rynek Unii Europejskiej. Koncepcja i zasady funkcjonowania. Wydawnictwo Akademii Ekonomicznej w Krakowie.
Wyplosz C. 2005. How to rebuild the stability pact. Financial Times, http://www.ft.com/intl/cms/s/0/ b20bfa32-73f8-11d9-b705-00000e2511c8.html#axzz1Rt5A4iaR (access on 28.06.2011).
Zombirt J. 2008. Mechanizmy rynku wewnętrznego Unii Europejskiej. Wyd. Difin, Warszawa.
Department of Microeconomics, University of Warmia and Mazury in Olsztyn
Department of Microeconomics, University of Warmia and Mazury in Olsztyn
License
An Author declares that his paper has not been published before (under the same or another title, or is a part of another publication) and does not infringe copyrights of other persons**. At the same time, the Author transfers to the Publisher the exclusive right to publish and to circulate this work in print in the form of a non-serial journal publication and in a form of an electronic publication.
The journal is available on Creative Common license CC-BY-NC-ND
