Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the … in the international consequences of the introduction of the Euro and analyzes the costs and gains from cooperation in …

of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the … "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro … of the Central and Eastern European accession countries to the euro area. In order to overcome these pitfalls the author …

unevenly distributed over the participants ?? on the other hand, the internal (inflation) and external (value of the Euro vis …), whereas the "soft-currency" group has to carry the adjustment costs to a regime of fixed exchange rates (Euro) which results … ("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …

, could be substituted by financial markets, taking into account the effects of the latest financial and economic crisis. The …?? decisions on fiscal policies and that this reaction has become stronger after the beginning of the crisis. However, the …