The Euro and Central Europe (From Points of View of Monetary Integration Maturity)

Tibor Palankai ()
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Tibor Palankai: Corvinus University of Budapest, Budapest

Society and Economy, 2017, vol. 39, issue 1, 1-25

Abstract: The paper discusses the frameworks and development of the introduction of the Euro in Central Europe, with a focus on pre-entry countries (Czechia, Hungary, Poland, Romania and Croatia). The main elements of monetary integration maturity are the state of real-integration (possibilities of large saving in transaction costs), meeting the criteria of functioning market economy and the single market; macro-economic stability and meeting the Maastricht criteria; and shortcomings of absorption (integration) capacities of the EU. Controversial questions are also discussed, such as requirements concerning inflation, the budget deficit or exchange rate stability. The paper argues that the countries under scrutiny show diverging courses of action and policies, public support is also unclear, and the interests of TNCs and political elites contradict each other. Cultural, legal, security or emotional factors will pay a key role in eventual adoption, and prospects also depend on the solution of the current debt and migration crises.

Keywords: Euro and Central Europe; monetary maturity; diverging interests; attitudes; policies; prospects (search for similar items in EconPapers)
JEL-codes: F2 F3 (search for similar items in EconPapers)
Date: 2017
Note: This study was supported partly in the framework of TÁMOP4.2.4.A/2-11-1-2012-0001. “National Excellence Program - Elaborating and operating an inland student and researcher personal support system.” The project was subsidized by the European Union and by the European Social Fund, and partly by the BRIDGE project supported by the Jean Monnet Program.
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