analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU’s institutional design could be improved … negotiation processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU …

This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough …-connectedness. Moreover, the EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its … private sector and poor lending by banks, as well as a one-sided monetary policy, also explain this debacle. The EMU needs to …

the Economic and Monetary Union (EMU). When the EMU was designed, it was hoped that it would induce nominal convergence … investment rates. However, once within the EMU, all three countries experienced persistently higher inflation rates, which may be … consistent with the convergence of price levels, instead of inflation. While all the above phenomena can be related to the EMU …

The paper examines theoretical literature, recent EMU accession examples, and current CEECs performance in search of …

European Monetary Union. It is argued that due to legal and political considerations Poland may not opt out from EMU … productivity gains in Poland. Finally, the accession to EMU should follow promptly the accession to EU. Unilateral introduction of … Euro is too risky for banking and real sectors. Slower process of joining EMU would hamper credibility of macroeconomic …