This study deals with the question whether the central banks of Sweden, Denmark and the UK can really influence short-term money markets and thus, would lose this influence in case of Euro adoption. We use a GARCH-M-GED model with daily money market rates. The model reveals the co-movement...

The global financial crisis created new challenges for the countries which have joined the European Union since 2004 and are not yet members of the euro area. 

The basic question I will try to explore is whether the present financial crisis has changed the assessment of the effects of euro adoption by the new member countries (NMC) which are still outside EMU.

This study proposes relative inflation forecast targeting as an operational framework of monetary policy for adopting the euro by the EU new Member States. This strategy assumes containing differentials between the domestic and the eurozone inflation forecasts as an operational target. A model...

This study deals with the question whether the central banks of Sweden, Denmark and the UK can really influence short-term money markets and thus, would lose this influence in case of Euro adoption. We use a GARCH-M-GED model with daily money market rates. The model reveals the co-movement...

It is commonly argued that Poland avoided a massive drop in output during the 2008/2009 economic crisis in part thanks to substantial nominal zloty's depreciation against the euro. The Polish case is often contrasted with Slovakia that adopted the euro in January 2009 and, since the Ecofin...

This paper provides an extensive survey of literature on the euro area crisis from the perspective of a candidate country. A mix of country-specific and systemic factors emerge from our analysis, suggesting that a stable participation in the monetary union requires that both country-level and...