The pandemic crisis – A new factor to slow down the expansion of the Eurozone

Iulian Nicolae Vasiloiu
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Iulian Nicolae Vasiloiu: "Costin C. Kiriţescu" National Institute for Economic Research, Romanian Academy, Romania

Theoretical and Applied Economics, 2021, vol. XXVIII, issue 4(629), Winter, 5-18

Abstract: The pandemic crisis from 2020-2021 has produced negative effects on the economies of six European Union (EU) member states outside the Eurozone: Bulgaria, Croatia, Czechia, Poland, Hungary, and Romania. This paper presents the economic and social situation in the aforementioned states, before the pandemic started in Europe and after the Sars-Cov-2 infection rates began to drop, and many restrictions previously imposed on tourism, hospitality, culture, sports and free movement were lifted. The paper highlights whether the Maastricht Treaty nominal convergence criteria were met or not by Bulgaria, Croatia, Czechia, Poland, Hungary, and Romania, as they represent an important pillar of joining the Eurozone; the paper also analyzes the real convergence – especially the Gross Domestic Product (GDP) per capita, calculated to the Purchasing Power Parity (PPP). The pandemic crisis, as well as some misunderstandings at EU level, have led Romania, Czechia, Poland, and Hungary to postpone adopting the Euro, as the latter 3 states did not even set a Eurozone joining deadline. Yet, some progress has been made by Bulgaria and Croatia, as they included their national currency in the Exchange Rate Mechanism II (ERM II) starting July 10, 2020.

Keywords: convergence criteria; GDP per capita; regional gross domestic product; Euro area. (search for similar items in EconPapers)
Date: 2021
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