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"Candidate countries with currency board arrangements: Are they better prepared for joining the EMU?"

Petkova, Ivanka. (2001) "Candidate countries with currency board arrangements: Are they better prepared for joining the EMU?". In: UNSPECIFIED, Madison, Wisconsin. (Unpublished)

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    When preparing its accession strategy, candidate countries with currency board arrangements have to deal with two basic issues: on the exchange rate system and on entering the EMU. The national legal framework regarding monetary issues and the negotiation positions of individual countries are the sources of information about these two aspects of monetary integration with the EU. As regards the first issue on exchange rate systems the accession to the EU is not connected with the requirement to apply any exchange rate system. The candidate country is independent in choosing the exchange rate system. The EU institutions however are very clear, that the unilateral eurisation is an unacceptable instrument. This position is in contrast with the entire logic of the Treaty regarding the introduction of the euro. The second issue, on entering the EMU, can be currently approached to the extent of the basic principles rather than of the details in designing the national strategies. It is clear however, that this process will pass through three stages: accession to the EU; participation in the ERM II; introduction of the euro (after meeting the convergence criteria). It becomes evident, that although particular restrictions are imposed at the very beginning, the options of the respective country in choosing an exchange rate regime are gradually reduced when following the three stages.

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    Item Type: Conference or Workshop Item (UNSPECIFIED)
    Subjects for non-EU documents: EU policies and themes > External relations > EU-South-Eastern Europe (Balkans)
    Countries > Cyprus
    EU policies and themes > External relations > EU-Central and Eastern Europe
    EU policies and themes > External relations > EU-Baltics
    Countries > Malta
    EU policies and themes > Treaty reform > enlargement
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Conference: European Union Studies Association (EUSA) > Biennial Conference > 2001 (7th), May 31-June 2, 2001
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 28 Mar 2007
    Page Range: p. 13
    Last Modified: 15 Feb 2011 17:21

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