Seminar on Currency Boards in the Context of EU Accession: Brussels, 25 November 1999 : Summary of Proceedings and Papers |
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Page 39
... euro area to the euro2 . However , new Member States will have to be committed to adopt the euro , in due course . For that they will have to fulfil the exchange rate criterion . Article 121 ( 1 ) §3 ( ex - 109j ( 1 ) §3 ) of the EC ...
... euro area to the euro2 . However , new Member States will have to be committed to adopt the euro , in due course . For that they will have to fulfil the exchange rate criterion . Article 121 ( 1 ) §3 ( ex - 109j ( 1 ) §3 ) of the EC ...
Page 157
... euro area and the debt to GDP ratio could also be non monotonic . However , as the debt ratio appears also in other terms of equation ( 15 ) this is not straightforward to prove . However , one point is clear from general considerations ...
... euro area and the debt to GDP ratio could also be non monotonic . However , as the debt ratio appears also in other terms of equation ( 15 ) this is not straightforward to prove . However , one point is clear from general considerations ...
Page 162
... euro area . At this threshold the country is just indifferent between joining and going it alone because two effects just offset each other : if the country joins the euro area its inflation rate would be too low ( zero inflation would ...
... euro area . At this threshold the country is just indifferent between joining and going it alone because two effects just offset each other : if the country joins the euro area its inflation rate would be too low ( zero inflation would ...
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accession countries adjustment adopt the euro anchor currency assets average Bank of Estonia Bank of Lithuania banking sector banking system budget Bulgaria candidate countries capital movements cent central bank commercial banks competitiveness credibility currency board arrangement currency board system Currency Commission current account deficit debt Directorate domestic Economic and Financial Economic and Monetary economic policy EMU acquis ERMII Estonian kroon Estonian monetary euro area European Commission European Union exchange rate policy exchange rate regime exports Financial Affairs financial markets financial sector fiscal policy fixed exchange rate flexibility foreign exchange framework growth Honohan implementation important increase inflation integration interbank interest rates investment Irish pound joining the euro liquidity litas macroeconomic Member monetary policy monetary system Monetary Union money market nominal participation payments percent period real exchange rate reserve requirement Russian crisis seigniorage stabilisation trade transition economies wages