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 9: EMU convergence criteria and international flows of capital: the dilemmas for Polish macroeconomic policy
9. EMU convergence criteria and international flows of capital: the dilemmas for Polish macroeconomic policy Boguslaw Grabowski and Jerzy Pruski INTRODUCTION From the very beginning, Poland has sought to join the European Union (EU) at the earliest possible date. The same priority was given to joining the North Atlantic Treaty Organization (NATO). The first goal was broadly recognized and immediately accepted by all political parties while the second received strong nationwide support after a short period of discussion by the left-wing party. As a result of such priorities in Polish foreign policy as well as an open attitude from the EU, the Polish Association Agreement with the EU was signed in 1991. Three years later Poland submitted a formal application for full EU membership. In 1996, Poland finalized negotiations and became a member of the Organization for Economic Cooperation and Development (OECD). Poland was invited to join NATO in 1997 and became a full member on 12 March 1999. Finally, in 1998 Poland was invited to join full accession talks with the EU, which have been continuing since then. On 1 January 1999, ÔeurolandÕ was established. The group of founder members of the European Monetary Union (EMU) consisted of 11 countries. After fulfilling the Maastricht criteria, Denmark, Sweden and the UK postponed their decision about participation in EMU. Greece is expected to join EMU after meeting macroeconomic criteria. This group of four countries constitutes the expected second wave of EMU membership. The Czech Republic, Cyprus, Estonia, Hungary, Poland and Slovenia...
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