Visegrad Group countries and the EU’s Economic and Monetary Union: an analysis of legal convergence

• Authors: Nowak-Far Artur
• Languages of publication: EN

Abstracts

EN

The analysis is based on the synchronic and diachronic review of Convergence Reports pertaining to Visegrad Group (V4) countries undertaken in order to investigate dynamics of the European Commission’s and the ECB’s approach to the EMU legal convergence criterion assessment. The research indicates that these EU institutions apply the same analytical template to each EU Member State with derogation (which implies also Visegrad EU Member States not being the Eurozone members). The template has a stable structure and is observed quite obstinately, yet sometimes with exceptions which do not seem to be intended. An important feature of the European Commission’s and the ECB’s assessment of the legal convergence criterion is the recurring nature of some of its argumentation and its openness to any new points introduced in response to the developments of the national legislation under scrutiny. This tendency has been especially manifested – yet for different reasons – with respect to Hungary and Poland. The assessment of the national legislation's compatibility with the need to integrate the national bank with the ESCB is structurally and ontologically different from the assessments of other regulatory areas. Moreover, various arguments differ in terms of expectations of reaction, because it does not necessary reflect on immediate actions, which have to be undertaken as soon as possible (as they would contribute to the improvement of the entire financial sector performance), but the ones which could be postponed until the very moment of the assessed country’s entry to the Eurozone. All other recommendations would have to be implemented as soon as possible.

Keywords

EN

Visegrad Group countries; V4; Economic and Monetary Union; EMU; Central Bank independence; legal convergence criterion; Maastricht criteria

• Publisher: Wydział Nauk Politycznych i Studiów Międzynarodowych, Uniwersytet Warszawski
• Journal: Przegląd Europejski
• Year: 2024
• Issue: 2(72)
• Pages: 105 - 126

Dates

published

2024

Contributors

author

Nowak-Far Artur

• SGH Warsaw School of Economics

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