EU Enlargement, ERM II and Lessons from the Southern European countries

Heather Gibson and Euclid Tsakalotos
Additional contact information
Euclid Tsakalotos: Athens University of Economics and Business

South-Eastern Europe Journal of Economics, 2005, vol. 3, issue 1, 41-78

Abstract: The purpose of this paper is to examine the experience of convergence with an exchange rate target in the southern European economies (SEEs). We argue that their experience has much to teach new and prospective EU members. We discuss the similarities of the SEEs and the new/prospective EU members in order to establish the relevance of the experience of the former for the latter. We then go on to offer evidence on the experience of SEEs with capital flows and speculative crises in the run-up to EMU membership. We discuss the implications of these results for the institutional structure of ERM II and conclude by discussing policy options available to the new/prospective members in the light of the previous analysis.

Keywords: capital flows; southern European economies; Accession countries and EU membership (search for similar items in EconPapers)
JEL-codes: F32 F36 P20 (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.asecu.gr/Seeje/issue04/gibson.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:seb:journl:v:3:y:2005:i:1:p:41-78

Access Statistics for this article

More articles in South-Eastern Europe Journal of Economics from Association of Economic Universities of South and Eastern Europe and the Black Sea Region Contact information at EDIRC.
Bibliographic data for series maintained by Ms. Melina Petromelidou ().