which are consistent with policy settings for Hungary, Poland and, less pronounced, the Czech Republic, whereas Romania and … Slovakia do not show a clear picture. Slovenia, finally, shows some kind of anticipation of the wide fluctuation margins in ERM …

We argue that monetary policies in euro-candidate countries should also aim at mitigating excessive instability of the … euro-candidate countries. Their central banks will be well-advised to use both standard and unorthodox (discretionary … Maastricht convergence criteria. -- monetary policy rules ; tail-risks ; convergence to the euro ; global financial crisis …