within the projected time frame. Despite the merits of nominal appreciation, countries committed to hard euro pegs might …

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the … in the international consequences of the introduction of the Euro and analyzes the costs and gains from cooperation in …

of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the … "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro … of the Central and Eastern European accession countries to the euro area. In order to overcome these pitfalls the author …

unevenly distributed over the participants ?? on the other hand, the internal (inflation) and external (value of the Euro vis …), whereas the "soft-currency" group has to carry the adjustment costs to a regime of fixed exchange rates (Euro) which results … ("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …