The Analysis of Possible Consequences for Eastern European Countries after Joining the European Monetary Union

• Autorzy: Gediminas Davulis
• Języki publikacji: EN

Abstrakty

EN

The integration process of Europe, the result of which is the foundation of the European Union (EU), is one of the most significant processes, in the political and economic sense, during the whole history of Europe. If the economic aspect was stressed at the initial stage of the European integration, after establishing the European Union, the establishment of the Monetary Union becomes the most important task. Formally the Economic and the Monetary Union exist since January 1, 1999, and Euro as the currency started functioning in twelve states of EU since 1 January 2002. The introduction of Euro ended the 50-year-lasting money integration process. Euro became the key axis of the integration. In the contest of the international monetary system, the formation of the Monetary Union in Europe is perhaps the most important event since the failure of the world monetary system that functioned on the basis of the Bretton Woods treaty. The experience of the first Euro functioning year has shown that it became a factor that stabilized the fluctuation of interest, price, and exchange courses in the complicated economics globalization environment. It should be stressed that the European Monetary Union is based on new ideas. The essence of these ideas is that the monetary policy of the European Monetary Union gives preference not to stimulation of the economic growth by the classical monetary policy means but to ensurance of the long-lasting price stability. While evaluating in the context of other monetary unions, the Euro project is a particular event in the monetary history. Never before did it happen that a group of independent states would refuse their national money of their own will and would concurrently retain political independence. This act determines quite a new combination of macroeconomic policy, based on general values and following the subsidizing principles. The policy based only on the national interests can be neither productive nor stable enough. The policy based on the common currency has an effect on all the spheres of economics: allocation of resources and revenues, economic growth as well as labour, product, service, and finance markets. Euro introduction is of significance not only in economic, political, but also psychological terms. The national money is an important symbol of the national sovereignty. A voluntary change of the national currency into Euro indicates that the general European identity is strengthening. (fragment of text)

Słowa kluczowe

EN

Finance; Banks; Foreign Exchange (FX); International monetary system; World economy; Economic globalization

PL

Finanse; Banki; Rynek walutowy; Międzynarodowy system walutowy; Gospodarka światowa; Globalizacja gospodarki

• Czasopismo: Prace Naukowe / Akademia Ekonomiczna w Katowicach
• Rocznik: 2008
• Tom: Finanse wobec sfery realnej gospodarki : praca zbiorowa. T. 1
• Strony: 27--38

Twórcy

autor

Gediminas Davulis

• Mykolas Romeris University, Vilnius, Lithuania

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