On the Perils of Adopting the Euro in the New Accession Countries

Mariusz K. Krawczyk ()
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Mariusz K. Krawczyk: Faculty of Economics, Fukuoka University, Fukuoka, Japan.

Homo Oeconomicus, 2004, vol. 21, pages 597-619

Abstract: The politically and legally complicated character of the EU Eastern Enlargement heavily in?uenced the con?ict between the legal and economic rationality behind the construction of the EMR-II. This makes the ERM-II vulnerable to currency crises and creates conditions for a widespread currency and asset substitution in the accession countries. As a result, the participation in the ERM-II imposes unnecessary costs on the whole enlargement process. The costs could be avoided if the EU adopted a more ?exible approach to the enlargement of its monetary union, allowing for an individual path of adopting the euro in each accession country depending on its economic conditions.

Date: 2004

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Persistent link: http://EconPapers.repec.org/RePEc:hom:homoec:v:21:y:2004:p:597-619

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