Are there indications of real exchange rate misalignment in the case of the five pre- accession countries? Will stable real exchange rates, required by two of the Maastricht criteria, be in line with economic fundamentals in the pre-Economic and monetary union period in these countries? In order...

The process of monetary integration in Europe began amid widespread skepticism among economists about the project. But today the success of the euro has prompted a reconsideration of whether monetary unions should be implemented elsewhere. This CESifo volume assesses contemporary theoretical and...

Rudolf Hickel: V O R W O R T: Mut zur erfolgreichen Alternative. Nach über 15 Jahren der deutschen Einigung fällt die Bilanz der politisch propagierten ökonomischen Angleichung Ostdeutschlands an die westdeutschen Produktions- und Le­bensverhältnisse enttäuschend aus. So erreichte das...