Adopting the Euro: an Introduction to Four Country Studies

C Maxwell Watson ()
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C Maxwell Watson: Wolfson College, University of Oxford, Linton Road, Oxford OX2 6UD, UK.

Comparative Economic Studies, 2004, vol. 46, issue 1, 95-103

Abstract: This paper introduces four studies on adoption of the euro in Croatia, Estonia, Hungary and Poland. It notes a common analytical framework, rooted in the optimal currency area literature, and a welcome emphasis on financial market issues. The paper highlights the importance of differing country circumstances – the currency board in Estonia, or de facto euroisation in Croatia. But it focuses particular attention on some key differences of judgement in the papers: how central is flexibility in the real economy, or fiscal credibility? And is a floating exchange rate a source of instability or a safety valve? In conclusion, the paper underscores that the authors – even when advocating early euroisation – surface important policy prerequisites, and some sobering risks along the way. Comparative Economic Studies (2004) 46, 95–103. doi:10.1057/palgrave.ces.8100035

Date: 2004
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