The Euro and the Slovak Economy in a Period of Financial Crisis

• Authors: Rudolf Sivák , Jana Péliová

Title variants

PL

Euro a słowacka gospodarka w czasie kryzysu finansowego

• Languages of publication: EN

Abstracts

EN

The Slovak Republic became a member of the European monetary union on 1 January 2009. In context of the financial and debt crisis, the evaluation of pros and cons of eurozone membership takes on a completely different perspective. The competitive disadvantage for Slovakia caused by the fixation of the conversion rate to EUR at the peak of the appreciation trend was in the financial crisis compensated to a significant extent by the elimination of currency risk. Strong dependence on the development of foreign demand is thus still being perceived. Eurozone membership has brought more risk than benefit for the field of public finance, especially with regard to the participation liabilities related to the EFSF/ESM rescue mechanisms.

Keywords

EN

SLOVAK ECONOMY; ECONOMIC AND MONETARY UNION; EURO; FINANCIAL CRISIS

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie
• Journal: Argumenta Oeconomica Cracoviensia
• Year: 2012
• Issue: 8
• Pages: 127-134

Contributors

author

Rudolf Sivák

• Ekonomická univerzita v Bratislave, Katedra financií, Dolnozemská cesta 1, 852 35 Bratislava, Slovenská republika

author

Jana Péliová

• Ekonomická univerzita v Bratislave, Katedra financií Dolnozemská, cesta 1, 852 35 Bratislava, Slovenská republika

References

• European Commission (2012) “European Economic Forecast Spring 2012”. European Economy 1. European Commission.
• Ministry (2012) “Návrh rozpočtu verejnej správy na roky 2013 až 2015 [Public administration budget framework for the period 2013–2015]. Ministry of Finance of the Slovak Republic.
• Suster, M. et al. (2006) “Vplyv zavedenia eura na slovenské hospodárstvo” [The impact of the introduction of the euro on the Slovak economy]. Department of Research, National Bank of the Slovak Republic, March.
• Eurostat, http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/search_database.
• IMF World Economic Outlook Database, http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspx.
• UN Conference on Trade and Development (UNCTAD) Statistical Database, http://unctadstat.unctad.org/ReportFolders/reportFolders.aspx.