Joining the “Eurozone” – Economic and Monetary Union - is perceived as a very important step in the process of European integration. For the new members of the enlarged Union: Cyprus, Czech Republic, Estonia, Hungary, Malta, Latvia, Lithuania, Poland, Slovakia, Slovenia, participation in...

Joining the 'Eurozone' - Economic and Monetary Union - is perceived as a very important step in the process of European integration. For the new members of the enlarged Union: Cyprus, Czech Republic, Estonia, Hungary, Malta, Latvia, Lithuania, Poland, Slovakia, Slovenia, participation in EMU is...

Countries unable or unwilling to join a Monetary Union can partly replicate membership effects through either a Currency Board or formal replacement of the domestic currency by the currency of the Union. Schemes of this kind have been introduced recently in Transition Economies. The net balance...

Countries unable or unwilling to join a monetary union can replicate most membership effects unilaterally through either a currency board or the formal replacement of domestic currency by that of the Union. Potential benefits include lower transaction costs, lower interest rates, and lower...