The Paper considers alternative exchange rate regimes for the 10 East European accession candidates, both prior to EU accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of view, EMU membership should be as early as...

The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....

The Paper studies the design of efficient disinflation programmes in open economies using the sacrifice ratio; that is, the cumulative additional un-employment or cumulative lost output required to achieve a 1% sustained reduction in the rate of inflation, as the metric of efficiency. The ’new...

Real exchange rates appear to present a specific behaviour in the early phase of transition: they are largely unaffected by nominal exchange rate movements and exhibit trend appreciation. The model presented here describes the transition process as the emergence of two new (traded and non-traded...

[fre] Banque centrale et choix de régimes de change pour les pays candidats à l’adhésion . Cet article étudie les évolutions institutionnelles des Banques centrales ainsi que les régimes de change des pays de l’Est, candidats à l’UE. Nous examinons les régimes actuels et comment...

[eng] A cost benefit analysis of EU accession with special emphasis of the political economy aspects of their distribution . The subject matter of this paper is to investigate the benefits and costs of the accession of Eastern European countries into the EU and the political constraints that...

[eng] Central Banking and the Choice of Currency Regime in Accession Countries . This paper deals with the design of appropriate Central Banking arrangements and exchange rate regimes for those CEECs that are candidates for full membership in the EU. We give an overview of the existing...