Table of Contents

The Economic Potential of a Larger Europe

The Economic Potential of a Larger Europe

Edited by Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grünwald

The Economic Potential of a Larger Europe gives insights into past, present and future issues related to the ongoing EU enlargement process. Providing a unique forum for debate and a multiplicity of views and experiences from both high-profile academics and those who engage with enlargement on an implementation level, this book covers a wide range of topics that are key to a successful transition and integration process and thus to the provision of a prosperous growth environment within a larger Europe. Special attention is paid to monetary integration, notably entry into ERM II, on which representatives of the national central banks involved present their views.

Chapter 15: The ERM II milestone on the road to the euro - the views of the acceding countries - Central banks (panel discussion)

Zoltan Walko


15. The ERM II milestone on the road to the euro – the views of the acceding countries’ central banks (panel discussion) Compiled by Zoltan Walko List of participants: r e Oldrich Dedek, Vice Governor, Ceská národní banka Märten Ross, Deputy Governor, Eesti Pank George Thoma, Senior Manager, Head of the Economic Research and Statistics Division, Central Bank of Cyprus Arvils Sautins, Member of the Board of Governors, Latvijas Banka Ramune Vilija Zabuliene, Deputy Chairperson of the Board, Lietuvos Bankas György Szapáry, Deputy Governor, Magyar Nemzeti Bank Michael C. Bonello, Governor and Chairman of the Board of Directors, Central Bank of Malta Adam Czyzewski, Director of the Macroeconomic and Structural Analysis Department, Narodowy Bank Polski Mitja Gaspari, Governor, Banka Slovenije Elena Kohútiková, Deputy Governor, Národná Banka Slovenska Barry Eichengreen, University of California, Berkeley 1. PROS AND CONS AND THE OPTIMAL DURATION OF ERM II MEMBERSHIP The first question to the panel was intended to explore acceding countries’ stance on the advantages and disadvantages of ERM II participation, identify their plans for timing ERM II entry, and invite proposals concerning how the exchange rate mechanism may better fulfil its designated functions. The question was directed towards the 176 The ERM II milestone on the road to the euro 177 representatives of the Czech, Estonian, Polish and Hungarian central banks. The different approaches towards ERM II and the different assessments of when compliance with all relevant Maastricht criteria is likely were clearly evident from the...

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