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MECHANIZMUS MENOVÝCH KURZOV ERM II

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Gonda V.

Ekonomický časopis (Journal of Economics)

2005

vol. 53

issue 2

129-143

New member countries, including the Slovak Republic, were given a status of the member state with derogation of accepting the euro. Term of the Euro zone entry will depend on the fulfilment of the Maastricht criteria, including the criterion on exchange rate. This assumes at least two years in the ERM II system. The article explains the basis and rules of functioning the exchange rate mechanism ERM II, requirements for fulfilment of the Maastricht criterion on exchange rate, effects of staying in the ERM II system and the strategy of the entry of new EU-member states into this mechanism. At the end, author discusses the time of the Slovak accession to the ERM II and adoption of the euro.

THE INTRODUCTION OF THE EURO IN THE PERSPECTIVE OF ACCESSION AND THE CHALLENGES OF ABSORPTION (Introdukcja euro w perspektywie akcesji i wyzwan absorpcji)

100%

Dabrowska-Gruszczynska K., Gruszczynski M.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

2009

issue 22

55-74

The introduction of the euro is one of the elements of wider strategy of EU integration. After the accession the new member countries tested significant and rapid inflow of portfolio and direct investments. This Inflow - paradoxically - may make it difficult to introduce a common currency. It is additionally strengthened by the ineffectiveness of the exchange rate mechanism. This ineffectiveness may cause that the rate of exchange can be recognized as guaranteed, taking the currency risk off the market participants who invest in the assets denominated in the currencies of the new member countries or raise a credit in the foreign currency. This causes - short and long term - inflow of the investments, and at the same time bigger pressure of appreciation of these currencies. The effect of the inflow, except the real and the nominal appreciation, is additional inflationary pressure. The thesis advanced by the authors is that, after the asset there is a change of efficiency of the rate of the exchange in Poland, Czech Republic and Hungary. The weekly courses such as EUR/PLN, EUR/CZK, EUR/HUF were examined. The correlations of delays were tested and the Ljunga-Boxa autocorrelation (Q) as well.

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1 Ekonomia. Rynek, Gospodarka, Społeczeństwo

1 Ekonomický časopis (Journal of Economics)

1 Dabrowska-Gruszczynska K.

1 Gonda V.

1 Gruszczynski M.

1 2009

1 2005

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MECHANIZMUS MENOVÝCH KURZOV ERM II

THE INTRODUCTION OF THE EURO IN THE PERSPECTIVE OF ACCESSION AND THE CHALLENGES OF ABSORPTION (Introdukcja euro w perspektywie akcesji i wyzwan absorpcji)