Enlargement of the euro area toward CESEE: progress and perspectives

Peter Backé () and Sandra Dvorsky ()
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Peter Backé: Oesterreichische Nationalbank, Foreign Research Division, http://www.oenb.at
Sandra Dvorsky: Oesterreichische Nationalbank, European Affairs and International Financial Organizations Divison, http://www.oenb.at

Focus on European Economic Integration, 2018, issue Q3-18, 43-56

Abstract: This article reviews the enlargement of the euro area toward CESEE EU Member States since 2010. It covers the Baltic countries’ accession to monetary union and summarizes the present state of convergence of non-euro area CESEE EU Member States, with a focus on the economic convergence criteria. Furthermore, it depicts the current views of these countries on future euro area accession. We show how convergence assessments have developed since the onset of the crisis and examine the impact of the deepening of Economic and Monetary Union on the monetary integration process. Looking ahead, the article argues for an even-handed application of the principle of equal treatment in an advancing environment, which combines continuity with a careful and well-grounded integration of the lessons from the past and the institutional reforms that have resulted as a consequence, for the mutual benefit of all stakeholders in the process.

Keywords: European Union; euro area; monetary integration; Central; Eastern and Southeastern Europe (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 N14 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (9)

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