How to Finance Cohesion in Europe?
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How to Finance Cohesion in Europe?

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Amid formidable challenges, Europe’s future depends not least on the capacity of its economies to converge toward their better performing peers. Dissecting the complexity of cohesion, this book analyzes which dimensions matter most for the smooth functioning of Economic and Monetary Union (EMU) and for the (income) convergence of Central, Eastern and Southeastern European (CESEE) countries. Central bankers, policy-makers and academics discuss how to best advance the catching-up process and look into EU structural and cohesion policies, critically assessing their contribution to economic and social development.
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Chapter 3: Monetary policy and catching-up in CESEE

Anita Angelovska Bezhoska

Abstract

This chapter elaborates on the current stage of real convergence of the Central, Eastern and Southeastern European (CESEE) economies as well as on the convergence dynamics, putting a special focus on the period after the global financial crisis. More specifically, convergence is assessed by means of comparative analyses using either the European Union (EU) as a whole or a group of more advanced countries within the EU as a benchmark. In addition, the role of monetary policy is discussed in the context of its supporting and enhancing role in the convergence process. The chapter ends with a section on the structural problems faced by the CESEE region in general as well as challenges and reforms in particular that will need to be implemented to get the region back on track for faster and sustainable convergence and growth.

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