Financial and Monetary Integration in the New Europe Convergence Between the EU and Central and Eastern Europe
Convergence Between the EU and Central and Eastern Europe
Edited by David G. Dickinson and Andrew W. Mullineux
Chapter 1: Financial integration between the EU and the economies of Central and Eastern Europe: an overview
1. Financial integration between the EU and the economies of Central and Eastern Europe: an overview David G. Dickinson and Andrew W. Mullineux INTRODUCTION The development of the financial sector and its implications for economic growth and the conduct of macroeconomic policy is an issue of major concern for the Central and Eastern European (CEE) countries as they negotiate the terms of their membership of the European Union (EU). This introduction reports work carried out by a team of researchers in both the EU and Central and Eastern Europe which forms the basis for the remaining chapters. It contains analysis of a number of key issues related to the financial sector. The broad themes addressed are: the conduct of monetary policy and the exchange rate regime during a period of financial liberalization; and the impact of increasing convergence of the financial systems of the CEE countries with those in the EU. BACKGROUND This section briefly reviews the economic and policy-making background from which CEE countries are moving on towards EU membership. Overall the transition economies of Central and Eastern Europe have made great strides in their economic transformation towards market-based economies. Following the early stage transition recessions, most have experienced significant economic growth, although at least some of this will come from the quality and range of goods on offer rather than from increased production. As ÿ reported by Steinbuka (Chapter 6, Table 6.2) we may observe, for example, that during the 1993Ð97 period, the Czech Republic experienced growth in...
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