Shall the New EU Members Introduce the Euro? Some Macroeconomic Policy Effects

Gottfried Haber and Reinhard Neck ()

Atlantic Economic Journal, 2005, vol. 33, issue 2, 139-149

Abstract: After the EU enlargement in 2004, there is a clear commitment of the EU and the new member states to aim at an enlargement of the euro zone within the European Economic and Monetary Union (EMU) as well. This might have significant effects on the “old” EMU, the “new members,” and even on the global economy. The present paper analyzes some macroeconomic effects and particularly the impact on the effects of stabilization policies when switching to an enlarged euro zone under different assumptions about fiscal and monetary policy regimes in Europe and under alternative types of economic shocks. Also, the implications for the US of different European monetary regimes are evaluated. The results suggest that economic benefits for all countries are rather small. For the Central and Eastern European countries (CEECs), even disadvantages may dominate. Copyright International Atlantic Economic Society 2005

Keywords: E52; E63; C50; C70 (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:kap:atlecj:v:33:y:2005:i:2:p:139-149

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DOI: 10.1007/s11293-005-3751-4

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