This paper analyses the problem faced by CEECs wishing to join the Euro who must hit both an inflation and exchange … rate criterion during a period of nominal convergence. This process requires either an inflation differential, an … rate and inflation criteria. The authorities can use their monetary policy to hit one criterion, but must essentially just …

In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate … catching-up and inflation differentials and offer an interpretation of the nature of this interaction. Our discussion is in … inflation rates between Member States do not necessarily have to be an equilibrium phenomenon, even if the original shock comes …

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …