Exclusive
interviews
EU
enlargement and the future of the euro contains detailed, on-the-record
interviews with governors from Cyprus, Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia.
These men have a major responsibility for the economic well-being
of over 74 million people, and for the first time their views have
been brought together in one volume and presented to a wider audience.
A common format to the interviews allows readers to make comparisons
in the way countries are approaching the transition process, their
priorities and their progress towards meeting the economic criteria.
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Leading
authorities
EU enlargement
and the future of the euro includes contributions from leading academics,
policymakers and analysts.
Overview
and assessment: the future of the euro
Robert
Pringle and Nick Carver, Central
Banking Publications
Exchange rate issues relating to the acceding countries
Tommaso Padoa-Schioppa, ECB executive board
Monetary policies in the accession countries
Jill Leyland, economics consultant
The ten central banks
Robert Pringle and Nick Carver, Central Banking Publications
Interview highlights
Central Banking Publications
Preparedness for the euro
Central Banking Publications
Challenges for central banks in the new member states
Max Watson, economic advisor to the European Commission
A toolkit for financial stability
Max Watson
EU Accession and the euro: Close Together
or Far Apart?
Peter Kenen, professor of economics and international finance
at Princeton University, and Ellen Meade, guest scholar
at the Brookings Institution
New EU countries – opportunities and risks
Eva Srejber, Sveriges Riksbank
The future of the Euro: an outsider’s
view
Václav Klaus, President of the Czech Republic
Interviews:
Leszek
Balcerowicz, President, National Bank of Poland
Zdenek Tuma, Governor, Czech National Bank
Michael Bonello, Governor, Central Bank of Malta
Vahur Kraft, President, Bank of Estonia
Ilmars Rimsevics, Governor, Bank of Latvia
Reinoldijus _arkinas, Governor, Bank of Lithuania
Christodoulos Christodoulou, Governor, Central Bank of
Cyprus
Zsigmond Jarai, President, National Bank of Hungary
Marian Jusko, Governor, National Bank of Slovakia
Mitja Gaspari, Governor, Bank of Slovenia
Passing
Tests
Before the new
EU members can join the eurozone, they must pass a series of economic
tests, in the same way as current eurozone members did in the 1990s.
Key chapters assess the importance of these tests, and the suitability
of applying unaltered Maastricht criteria to the new members. Are
they on track to meet the targets? What are the biggest challenges?
In particular, what are the implications of the requirement to keep
their currencies within narrow bands against the euro under ERM
II?
Benefits
and risks
Authorities
in the new members are keen to join the eurozone, and anticipate
significant benefits from the single currency. But what are these
benefits, and are they likely to materialise? And are there also
political and economic risks from straining to meet targets and
giving up their relatively new autonomy in monetary policy? These
are among the questions posed to governors and also tackled through
expert contributions. These issues are also addressed from the perspective
of existing members; what effects will new members have on the eurozone
and what factors will determine whether enlargement is a success?
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