Since May 1, 2004 the European Union's new member states (NMS) have been subject to the same fiscal rules established in the Treaty on the European Union and Stability and Growth Pact (SGP) as the old member states (OMS). The NMS entered the EU running structural fiscal deficits. More than half...

This paper summarizes the results of CASE's research project on 'Strategies for Joining the EMU' and proposes policy recommendations both for new member states (on how to manage their accession to the Eurozone) and for the European Commission, ECB and old member states (on how to manage and...

Ten new countries joined the EU in 2004, and some of them will soon also join the euro. Since their incorporation to the single currency is subject to their fulfilment of the Maastricht criteria that current members already fulfilled in 1998, this paper describes and compares these fiscal...

The Third Phase of the European Economic and Monetary Union and the consequent implementation of the Unique Monetary Policy, advised EU countries to coordinate their fiscal policies, because of the relations between monetary and fiscal policies. The application of the Stability Pact has reduced...

Ten new countries joined the EU in 2004, and some of them will soon also join the euro. Since their incorporation to the single currency is subject to their fulfilment of the Maastricht criteria that current members already fulfilled in 1998, this paper describes and compares these fiscal...

The Third Phase of the European Economic and Monetary Union and the consequent implementation of the Unique Monetary Policy, advised EU countries to coordinate their fiscal policies, because of the relations between monetary and fiscal policies. The application of the Stability Pact has reduced...