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1

An Overview to the Exchange Rate Stability as A Criterion of the Accession to the Euro Zone

100%

Michalczyk W.

Folia Oeconomica Stetinensia

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2012

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vol. 10

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issue 1

120-130

EN

The paper's objective is to present the results of an analysis of the exchange rate convergence criterion fulfilment by the European Union member states which still use their national currencies and the indication of the fundamental determinants that affect their ability to meet it. There is essential legislation on this criterion indicated, as well as on the ERM2 system which is directly related to it, and the stability of the currencies of EU countries is also briefly examined. The major conclusions include the statement that the interpretation of legal provisions on the exchange rate convergence crite rion allows large subjectivity in assessing its fulfilment by each country. On the other hand, significant fluctuations in exchange rates during recent years, can impede considerably their stabilisation prior to the accession to the euro area and extend the necessary stay in ERM2 system, which in turn will in crease the risk of speculation connected with it. Therefore, justified to a certain extent may seem pro posed abolition of the obligation to formal accession to ERM2 and replacing it with a quantitative criterion related solely to exchange rate fluctuations.

2

Empiryczny model polityki kursowej w Polsce w latach 1995-2002

100%

Kelm R., Uniwersytet Łódzki K. M. i. P. E.

Acta Universitatis Lodziensis. Folia Oeconomica

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2004

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vol. 177

EN

The paper concerns the structural vector equilibrium correction model linking money supply, producers' prices, foreign reserves and exchange rate in Poland during transition period. Due to the shortage of the data estimates obtained by means of Johansen procedure lead to uninterpretable profiles of impulse responses. Much more interesting conclusions can be drawn from a system based on a priori economic-theory long-run assumptions, i.e. Fisher equation, LM function and extended PPP equation. Empirical results obtained within "multidimensional" Engle-Granger procedure indicate restrictive anti-inflationary policy of the Polish central bank during transition

PL

W opracowaniu zaprezentowano model wektorowej korekty błędem opisujący związki między podażą pieniądza, cenami producenta, kursem walutowym i strumieniem rezerw walutowych. Ze względu na małą liczebność szeregów czasowych wykorzystanie procedury Johansena może prowadzić do konstrukcji systemu o nieintepretowanych własnościach symulacyjnych. Dlatego też analizę przeprowadzono w odniesieniu do systemu, w którym określono a priori warunki równowagi zgodne z równaniem wymiany Fishera, funkcją popytu na pieniądz i rozszerzonym równaniem parytetu siły nabywczej pieniądza. Wyniki empiryczne uzyskane na podstawie procedury Engle’a i Grangera potwierdzają wysoki stopień restrykcyjności Polityki pieniężnej.

3

THE LEGAL GROUNDS OF THE ADOPTION OF THE SINGLE CURRENCY OF THE EUROPEAN UNION (Podstawy prawne przyjecia przez Polske wspólnej waluty Unii Europejskiej)

88%

Muszynski M.

Przegląd Sejmowy

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2010

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issue 3(98)

103-125

EN

The monetary union is the final stage of the process of European integration. It is also important for the achievement of economic goals of the European Union. The provisions governing the conditions and principles of membership in the monetary union are included in the Treaty on the Functioning of the European Union. The so-called convergence criteria and the ERM2 system are the most important of them. As results from the provision of the Treaty, the legal situation of non-euro area EU member states is temporary, and they are legally obliged to introduce the euro. A different situation is in the United Kingdom and Denmark which have secured themselves discretion to decide in this respect. The adoption of the euro is binding. From the legal provisions it may be interpreted that, the access to the monetary union of a member state meeting the convergence requirements (and remaining outside the euro zone) would take place, theoretically, against the will of that state. The majority vote procedure is applied in this respect, and the Council deciding the issue is bound only by the convergence criteria and - as the practice shows - not entirely. Moreover, membership in the euro zone of the EU member state meeting appropriate treaty criteria cannot be blocked. Even in the event that the treaty requires unanimity, none of the members of the euro zone may vote against admission of the state which satisfies formal requirements. This would be in contradiction to the objective of the integration and, therefore, would infringe the obligations of the state resulting from the EU treaties. There are only two ways in which the EU member state possessing its own currency may delay its access to the euro zone The first relates to the decision about joining the exchange rate mechanism (ERM2), as it only a treaty requirement for the monetary union membership, and not an obligation. This question is decided on the state level and is of a strictly political nature. It may also depend on the results of public consultations (referendum). The second way is the determination of the exchange rate of the national currency.

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1 Acta Universitatis Lodziensis. Folia Oeconomica

1 Folia Oeconomica Stetinensia

1 Przegląd Sejmowy

1 Kelm R.

1 Michalczyk W.

1 Muszynski M.

1 Uniwersytet Łódzki K. M. i. P. E.

1 2011

1 2010

1 2004

An Overview to the Exchange Rate Stability as A Criterion of the Accession to the Euro Zone

Empiryczny model polityki kursowej w Polsce w latach 1995-2002

THE LEGAL GROUNDS OF THE ADOPTION OF THE SINGLE CURRENCY OF THE EUROPEAN UNION (Podstawy prawne przyjecia przez Polske wspólnej waluty Unii Europejskiej)