Using Euro in the Czech Republic - Sooner or Later?
The Czech Republic is a member of the European Union. It is historical fact, which is possible to say, to write, to send by e-mail or to distribute by many other communication channels. The same is possible to say about the rest of former ten accession countries from Estonia in the North to Malta or Cyprus in the South. It is a good reason for politicians to be seen in public places and for citizens to be in better or worse expecting of their future. But what does it mean for the future from the point of view of economists? The entry to the European Union is only the first step in the common future of twenty five countries. Upon EU accession, the new members have become members of the Economic and Monetary Union (the EMU), granted temporary exemtions from some of its obligations as a monetary union member. It is expected, that this exemtions will be revoked once the new members (together or independently) meet the Maastricht criteria and join the single currency area. It is impossible for the new members to be in the EU and stay outside the monetary union on a permanent basis. Therefore, the Czech Republic's decision-making on euro area entry is not question of entry (yes or not), but rather the question of time horizon when the entry should be realized. The same progress is valid for other new EU members. (fragment of text)
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