Acceding Countries: The Road to the Euro

Seppo Honkapohja and Frank Westermann
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Frank Westermann: EEAG

Chapter 7 in Designing the European Model, 2009, pp 229-258 from Palgrave Macmillan

Abstract: Abstract The ten acceding countries are expected to join the euro area at some point in the next few years. Their participation in the monetary union is seen as the end-point of their process of integration in the EU. In the “pre-accession phase,” the acceding countries have fulfilled the acquis communautaire in the area of EMU: they have implemented reforms to make their institutions compatible with joining the European Union (for example, they have made their central banks independent) and liberalised capital flows. At the start of the “accession phase,” they are expected to pursue policies aimed at fulfilling the nominal convergence criteria established by the Maastricht Treaty and qualify for joining the euro area. The third and final phase will start with the formal replacement of domestic currencies with the European currency.

Date: 2009
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Journal Article: Acceding Countries: The Road to the Euro (2004)
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DOI: 10.1057/9780230236653_8

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