The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in...

The general aim of this article is to introduce and discuss the effect of Visegraacute;d co-operation as one of possible grounds for developing international relations in Central Europe. On the 1st of May 2004 Visegraacute;d 4 (quot;V 4quot;) countries entered the European Union and became a part...

Finalizing the process of European monetary integration in the euro area is an important condition for strengthening the single currency. The current crisis has shown that EU members that are not in the euro area were exposed mainly due to the floating of exchange rate of currencies against the...

This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...

The main objective of this paper is to analyse euro adoption in CEE counties from the perspective of the Optimum Currency Area (OCA) theory. The main characteristics of the OCA theory are assessed and the empirical studies focusing on this theme are surveyed. As the area of asymmetric shocks...

From a normative perspective, it is striking that the degree of central bank independence (CBI) varies considerably across countries. Taking a political economy perspective, this paper demonstrates how different degrees of CBI may be the result of strategic policy-making. While an independent...

The statement by the central bank of Nigeria that N5000 will be introduced and N5, N10, and N20 notes will be coined in 2013 has generated a lot of debate. Many of the contributions have however strayed off the key point. Namely, the reason currency notes and coins are necessary. Notes and coins...

We have helicopter money when there is a lump-sum monetary transfer which produces intended central bank capital losses and/or a permanent monetary base change. This extraordinary monetary policy option appears whenever there is a significant economic crisis. But then the helicopter never flies....