Economic Convergence and Divergence in Europe
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Economic Convergence and Divergence in Europe

Growth and Regional Development in an Enlarged European Union

Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner

This highly topical book addresses the challenge of economic convergence within Europe, beginning with a thorough review of the theory of growth and related empirical research. Historical and more recent economic developments within the present EU and current accession countries are discussed, along with the design for the process of further integration of accession countries into the EU and the Euro area. Moreover, the potential to achieve a sustainable catch-up process in Western Balkan countries, the Ukraine and Russia is explored, focusing on the task facing the EU in designing proper policies vis-à-vis these countries. The contributors’ varied perspectives ensure that the theories and policies postulated are linked closely with the actual situation in accession countries and offer up-to-date insights.
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Chapter 27: Speech of the Governor of the OeNB: 'The euro area - an anchor of stability in Europe and the world'

Klaus Liebscher


27. Speech of the Governor of the OeNB: ‘The euro area – an anchor of stability in Europe and the world’ Klaus Liebscher This volume centres on topics that are of long-term relevance for Eastern, Central and Western European countries, of relevance to the growing integration and historic reunification of our continent, but certainly also of relevance outside Europe. It is a pleasure for the Oesterreichische Nationalbank to continue the long tradition of offering our annual East–West Conferences as a platform and meeting place for debates on issues relevant to those countries – but not only to them – in order to help develop answers to the challenges ahead. Since the very inception of transition, the Oesterreichische Nationalbank has had the opportunity to be an active partner for central banks in transition countries. At the same time, the Oesterreichische Nationalbank has been actively participating in another historic project, the realization of European Economic and Monetary Union (EMU) and the introduction of the euro. The establishment of the euro as the single currency in 12 sovereign countries of the European Union was certainly not a purely economic move, but rather another major step in the process of European integration that began more than half a century ago. The strong rise of commodity prices, in particular of the oil price, in 1999 and 2000, recent economic turbulences in some emerging markets and the tragic events of 11 September have not compromised stability in the euro area. On the contrary, and I would...

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