Kiel Working Papers, Kiel Institute for World Economics
No 1080:
Assessing the Advantages of EMU-Enlargement for the EU and the Accession Countries: A Comparative Indicator Approach
Rainer Schweickert
Abstract: The paper takes into account both the concerns of the EU,
arguing that convergence is incomplete, and the demands from accession
countries, claiming that monetary integration is optimal. Indicators are
developed which measure convergence and optimality in comparison with a
reference group of the four EMU-member countries Greece, Ireland, Portugal,
and Spain. The general conclusion is that the demand of accession countries
for entry into EMU can be supported by looking at the net benefits from
monetary integration. The more serious problem is a lack of convergence
which could imply serious risks during the transition towards monetary
union.
Keywords: EU-Enlargement, European Monetary Union, Exchange Rate Anchor, Convergence, Optimum Currency Area; (follow links to similar papers)
JEL-Codes: E42; F15; F41; (follow links to similar papers)
36 pages, October 2001
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