L'ancrage de l'Europe centrale et orientale à l'Union européenne

Laurence Boone and Mathilde Maurel
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Laurence Boone: OCDE - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development

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Abstract: Pegging the CEECs exchange rates to the euro can be assessed by using the criteria for entering the EMU (European Monetary Union). This approach is explicitly taking into account the process of enlargement started in June 1993 in Copen­hagen, where a subset of CEECs was selected for admission into the EU. Fiscal discipline, implied by the Maastricht criteria, enhanced the transition process. But the question of whether pegging the currency contributes to further stabilise inflation can be asked only when the economic recovery resumes, and when inflation does not result mainly from the relative prices adjustment. The analysis of business cycles correlations helps to answer that question. The correlations of industrial production and unemployment cycles in the CEECs and the EU, point towards a deeper integration of the CEECs with Germany than with the EU. They also em­phasise that pegging the currencies is a good policy option for Central European Countries.

Keywords: Troc; Russie (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (4)

Published in Revue Economique, 1999, 50 (6), pp.1123-1137. ⟨10.2307/3502641⟩

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Journal Article: L'ancrage de l'Europe centrale et orientale à l'Union européenne (1999)
Working Paper: L'ancrage de l'Europe centrale et orientale à l'Union européenne (1999)
Working Paper: L'ancrage de l'Europe centrale et orientale à l'Union européenne (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00468763

DOI: 10.2307/3502641

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