Adopting the Euro: Brake on or Engine for True Convergence?

Oldøich Dìdek

Eastern European Economics, 2004, vol. 42, issue 2, 45-62

Abstract: This article examines the desirability of the Czech Republic's adoption of the euro as its currency shortly after joining the European Union (EU). The author stresses that the theory of optimum currency areas merely provides guidelines for evaluating the costs and benefits of such a decision, but it does not provide quantitative criteria. Moreover, while the benefits are obvious, the costs are in some ways both vague and embedded in an environment that is either archaic or hypothetical. The author thus suggests that the Czech Republic should adopt the euro as its currency as soon after accession to the EU as possible.

Date: 2004
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