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Persistent link: https://www.econbiz.de/10003842554
This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...
Persistent link: https://www.econbiz.de/10009626642
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While the case for Spanish and Portuguese EC membership is largely political, for membership to be a political success … applications were made, negotiations have not been concluded and that the target date of membership by January 1, 1984, will not be … met. What will be the impact of EC membership on the applicants' economies? …
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The test case of "flexible versus fixed rates of exchange" has now been running for four months. Experience in this transitional and incipient phase has shown up a number of faults and impediments which are typical not only of the problems created by contemporary multicentric international...
Persistent link: https://www.econbiz.de/10011560276
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The debt crisis of the eurozone revealed a structural problem of the single market rooted in the external imbalance … problem of indebted member states. The assumption of this paper is that the current account imbalances within the eurozone are … based on an intra-eurozone competitiveness disparity originated in the single currency and the heterogeneity of member state …
Persistent link: https://www.econbiz.de/10011346632
In the new member states of the EU which have not yet adopted the euro, previous adoption strategies have come under scrutiny. The spillovers and contagion from the global financial crisis revealed a new threat to the countries’ real convergence goal, namely considerable vulnerability to the...
Persistent link: https://www.econbiz.de/10009748579
The UK exit from the EU represents a qualitative change in the nature of EU membership. On the one hand, it conveyed … the lesson that for the Union to be sustainable, membership needs to entail constant caretaking as far as individual … for membership in the EEA or for a free trade agreement. The Union has to deliver to be sustainable, but it cannot do so …
Persistent link: https://www.econbiz.de/10011531247