Recent Events in the Euro Area and the Forthcoming Membership of Poland

• Autorzy: Marek Belka
• Języki publikacji: EN

Abstrakty

EN

The future of the euro area is like the Leaning Tower of Pisa. Invariably intriguing, it requires strengthening that would prevent it from leaning out even further. Likewise, the euro area needs strengthening. Once the process is completed, we will be able to resume our deliberations as to the best timing for Poland's accession to the euro area. One might ask whether not being part of the euro area is generating costs for the Polish economy. Well, this is not the right question to ask. Recent traumatic experiences of several euro area countries pose a different question: how should the euro area change and how should we prepare to join so that our economy benefits? My lecture today is divided into two parts. First, I shall run briefly through the causes of the severe disturbances which have recently occurred in the euro area. The second part of the lecture will deal with factors to be considered when considering Poland's accession to the euro area.(original abstract)

Słowa kluczowe

EN

Financial crisis; Exchange rate policy; Eurozone

PL

Kryzys finansowy; Polityka walutowa; Strefa euro

• Czasopismo: Argumenta Oeconomica
• Rocznik: 2012
• Numer: nr 1 (28)
• Strony: 5--12

Twórcy

autor

Marek Belka

• National Bank of Poland

Bibliografia

• De Grauwe P., On Monetary and Political Union, Paper prepared for the CESifo Workshop on "Enlarging the Euro Area", 24 November 2006.
• Friedman, M., The Case for Flexible Exchange Rates [in:] Essays in Positive Economics. Chicago University Press, 1953.
• Mundell, R., Uncommon Arguments for Common Currencies [in:] Johnson, H., Swoboda, A. (eds.), The Economics of Common Currencies. Allen &Unwin, London, 1973.
• Nelson, Ch. R., Plosser, Ch. I., Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications, "Journal of Monetary Economics" Vol. 10(2), pp. 139162, September 1982;
• Prescott, E. C., Theory Ahead of Business Cycle Measurement, Federal Reserve Bank of Minneapolis, "Quarterly Review" no. 10, 1986, pp. 9-21.
• Stable Money - Sound Finances. Community Public Finance in the Perspective of EMU, "European Economy" no. 53, 1993.
• Goodhart, Ch., Financial Management in the Euro Zone, "Kroon & Economy" no. 3, Bank of Estonia, 2004.
• Baldwin, R., Gros, D., The Euro in Crisis - What to Do?, [in:] Completing the Euro area Rescue: What More Needs to Be Done?, VoxEU.org Publication, CEPR, 2010, London, pp. 1-23.
• Rose, A., One Money, One Market: Estimating the Effect of Common Currencies on Trade, "Economic Policy" no. 30, 2000, pp. 9-45.
• Baldwin, R., In or Out: Does It Make a Difference? An Evidence-Based Analysis of the Trade Effects of the Euro, Centre for Economic Policy Research, London, 2006.
• EMU@10:Successes and Challenges After 10 Years of Economic and Monetary Union, "European Economy" no. 2, 2008.
• Zemanek, H., Belke, A., Schnabl, G., Current Account Balances and Structural Adjustment in the Euro Area, "Ruhr Economic Papers" no. 176, 2010.
• Delpla, J., von Weizsäcker, J., The Blue Bond Proposal, "Bruegel Policy Brief' May 2010.
• Brussels Likely to Override Protests on Capital Rules, "Financial Times" 20 July 2010.
• Exchange Rate Volatility and World Trade: A Study by the Research Department of the IMF, "IMF Occasional Paper" no. 28, Washington, July 1984;
• Wei Shang-jin, Currency Hedging and Goods Trade, "European Economic Review" vol. 43, 1999, pp. 1371-1394.
• Baldwin, R., De Santis, R. A., The Impact of the Euro on Foreign Direct Investment and Cross-border Mergers and Acquisitions [in:] Baldwin, R., Di Nino, V., Fontagne, L., De Santis, R. A., Taglioni, D., Study on the Impact of the Euro on Trade and Foreign Direct Investment, European Commission, "Economic Papers" no. 321, pp. 93-110, May 2008.
• Holden, S., The Three Outsiders and the Monetary Union, University of Oslo, January 2009.
• Analysis of the Czech Republic's Current Economic Alignment with the Euro Area, Czech National Bank, 2009.