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Convergence Problems in the Eurozone

100%
Wierzejski T., Siemionek M.
Olsztyn Economic Journal
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2012
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vol. 7
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issue 2
315-327
EN
This paper analyses the issue of convergence in the Eurozone. The overarching objective was to evaluate the monetary and fiscal convergence of the countries in the Eurozone during the recent period. A further goal was to establish recommendations boosting the economic efficiency of the analysed currency integration of the Eurozone. The paper pinpoints crucial theoretical underpinnings and the current analysis of the Eurozone. Empirical data pertinent to macroeconomic indicators, which were collated and statistically analysed, were also used to delineate crucial issues of convergence in the Eurozone.
2

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.
3
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Macroeconomic stability as the condition for Bulgaria to join the euro area

100%
Moździerz A.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2019
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vol. 14
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issue 2
295-315
EN
Research background: The subject of research is the macroeconomic situation of Bulgaria in the context of the country's preparations for joining the euro area. In 2018, the Bulgarian government approved a plan of preparations covering the period until the end of June 2019, which assumes that the country will join the ERM II mechanism in July 2019, and the euro area on 1 January 2022. Bulgaria meets four nominal convergence criteria regarding inflation, long-term interest rate, budget deficit and public debt. The national currency is pegged to the euro under the currency board arrangement. Despite this, the implementation of this optimistic scenario may be difficult because since the 2007 crisis, the European institutions pay more attention to macroeconomic stability and the sustainability of convergence. Purpose of the article: The aim of the article is to identify the factors destabilising macroeconomic equilibrium in Bulgaria, which are a potential obstacle to the adoption of the euro by Bulgaria on schedule. Methods: The research was based on the changes in selected macroeconomic indicators, as well as on the method used by the European Commission to detect macroeconomic imbalances. The observation and analysis covered the 2007?2018 period.  Findings & Value added: The research results indicate that the low level of socio-economic convergence of Bulgaria and macroeconomic imbalances may delay its membership in the monetary union. Therefore, while respecting the country's aspirations to join the euro area, one cannot ignore the risk of another destabilisation of the euro area. 
4

The situation on the credit market versus the rate of economic growth in chosen countries of East-Central Europe

100%
Mikołajczak P., Skikiewicz R.
Ekonomia i Zarzadzanie
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2016
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vol. 8
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issue 1
62-70
EN
The article concerns the comparative analysis concerning credit market situation on the background of economic growth changes in Poland, the Czech Republic, Lithuania and Hungary. The main objective of this article is to identify the similarities and differences in the economic situation of the whole economies and credits market conditions in individual countries. This relationship has been verified for each country. To determine the strength of the relationship between the dynamics of changes in the value of credits and GDP, Pearson correlation analysis was used. The basis of the analysis presented in the article was data from central banks, Central Statistical Office and Eurostat. Time horizon under investigation covered the period of 2004-2013. The results of analysis indicate that both the economic condition of entire economies, as well as the situation in the credit market remained diverse in all analyzed countries. Among the most significant similarities there was found that changes in the rate of economic growth in the analyzed countries remained at a moderate depending on the dynamics of changes in the credit market. Although the analyzed countries experienced a financial crisis, not all of them recorded a negative growth rate of GDP and credits.
5

Kryteria konwergencji — dokąd zmierza Unia Europejska

75%
Bednarski T.
Studenckie Prace Prawnicze, Administratywistyczne i Ekonomiczne
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2014
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vol. 16
183 - 200
EN
The dynamics of changes in economic and social indic ators related to convergence criteria for selected Member States of the European Union is studied. Three groups of states are taken into account: states economically the strongest, southern members and the new ones, like Poland. Observance of convergence criteria for the old states of the EU is assessed and an estimation of time necessary for the new states to meet the criteria is given. An optimistic estimate of time necessary to achieve a relative economic homogeneity in the EU is 50 to 60 years. Economic and social indicators not included in the convergence criteria but essential for the economic dominance are also discussed.
6
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„Nowe państwa członkowskie” w strefie euro – doświadczenia dla Polski

75%
Ryszka J.
Opolskie Studia Administracyjno-Prawne
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2011
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vol. IX
61-80
EN
In spite of the fact that the reception of a single currency is imposed as part of the duties resulting from membership in the UE, none of the states which entered the UE in 2004 and 2007 accepted the Euro on the day of their accession. It resulted from the obligation to satisfy the criteria of convergence determined in the treaty on functioning of the UE. At present 17 out of the 27 UE member-states belong to the Euro zone. Poland, as one of the countries entering the UE in the framework of the expansion of 2004 and 2007 is therefore obliged to replace its currency with the Euro. However, the deadline for this project is relatively flexible. Apart from the legal and economic criteria of convergence, there is also a need for carrying out peculiar and efficient steps of the practical nature. They are supposed to help citizens of the member states that joined the Euro zone to adjust themselves to the new legal and factual situation. Those practical steps concern, among others, determination of the relevant period of mandatory dual display of prices. This treatment is to counteract the negative impact of the introduction of the Euro with reference to prices. A very important element in the process of preparing for membership in the Euro zone is to provide banks, traders and retailers with the Euro cash. This usually happens within the last two or three months before the planned introduction of the Euro. It is also important to carry out an appropriate information campaign. At the initial stage, it should be relatively general in nature and subject to a gradual intensification as we approach the date of introduction of the Euro.
7

Zgodność poziomu produktywności pracy jako warunek jednoczenia państw w unii walutowej

63%
Jonkisz-Zacny A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2015
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issue 9(945)
125-136
PL
Celem pracy jest przedstawienie koncepcji integracyjnej strefy walutowej, której wyznacznikiem jest niemalejąca produktywność pracy. Wartość tego wskaźnika jest głównym podmiotem obliczeń i podstawą wnioskowania. Z badań wynika, że kraje, w których wskaźnik produktywności pracy jest znacznie niższy od 3,0, nie powinny przystępować do strefy euro. Tego rodzaju kraje, do których należy Polska, z produktywnością pracy na poziomie 2,0 powinny tworzyć własną strefę walutową, której założeniem jest zwiększenie produktywności pracy.
EN
The aim of the study is to present the concept of integration in the currency area, as indicated by non-decreasing productivity. The value of this indicator is the main subject of calculation and the basis for inference. The research shows that the countries where the rate of labour productivity is much lower than 3.0 should not join the euro zone. The group of countries to Poland belongs, with labour productivity at a rate of 2.0, should create its own currency zone, whose objective would be to increase labour productivity.
8
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Refleksja na temat członkostwa Polski w strefie euro z perspektywy rynku pracy

63%
Cymbranowicz K.
Zeszyty Naukowe Uczelni Vistula
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2018
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issue 62(5) Ekonomia XVI
16-32
PL
Członkostwo Polski w Unii Gospodarczej i Walutowej (UGW) jest jednym z najczęściej podejmowanych i najbardziej kontrowersyjnych tematów związanych z uczestnictwem Polski w Unii Europejskiej (UE). Od początku procesu integracji z UE sprawa polskiego członkostwa w tzw. strefie euro jest obecna w publicznej debacie tak w kraju, jak i za granicą. Istotnym wątkiem w tej dyskusji jest odpowiednie przygotowanie i prawidłowe dostosowanie rynku pracy do pełnego członkostwa Polski w UGW, a tym samym w UE. Celem artykułu jest próba odpowiedzi na pytanie, czy polski rynek pracy jest przygotowany na wprowadzenie wspólnej europejskiej waluty i na zmiany, jakie w związku z tym nastąpią. Dla zrealizowania tak przyjętego celu zastosowano metodę analizy polskiej i zagranicznej literatury w odniesieniu do teoretycznej i empirycznej oceny funkcjonowania państw należących i pozostających poza strefą euro oraz metodę analizy statystycznej ukazującą zmiany zachodzące na rynku pracy na podstawie ilościowej analizy danych pozyskanych z baz Eurostat, OECD, Banku Światowego, Economic Outlook Database. Wnioski płynące z przeprowadzonej analizy wskazują, że polska gospodarka po prawie 30 latach, tj. od przełomowego roku 1989, który zapoczątkował okres transformacji politycznej, gospodarczej i społecznej, w rankingach gospodarczych awansowała do grona państw o poziomie rozwoju społeczno- gospodarczego zbliżonym do przeciętnego w UE i w strefie euro. Awans ten postępował równolegle ze zmianami zachodzącymi na rynku pracy, jednak mimo postępów, jakie udało się w tym czasie osiągnąć, nadal istnieje potrzeba reform w celu zredukowania odmienności między naszą gospodarką a gospodarką strefy euro. Zatem zarówno kalendarz, jak i tempo procesu akcesji do UGW mogą i powinny być przedmiotem optymalizacji w celu wyboru najkorzystniejszej z naszego punktu widzenia, odpowiedniej ścieżki i dobrego momentu zamiany polskiej złotówki na euro.
EN
Poland’s membership in the Economic and Monetary Union (EMU) is one of the most frequently undertaken and controversial topics related to Poland’s participation in the European Union (EU). From the beginning of the process of integration with the EU, the issue of Polish membership in the so-called euro area is present in the public debate both at home and abroad. An important part of this discussion is related to a proper preparation and correct adjustment of the labour market, allowing full membership of Poland in the EMU, and thus in the EU. The aim of the article is to answer the question whether the Polish labour market is prepared for the introduction of the single European currency and for the changes that will follow. To achieve this goal, the method of analysis of both Polish and foreign literature in relation to the theoretical and empirical assessment of the functioning of countries belonging to and remaining outside the euro area was adopted, as well as the method of statistical analysis, showing changes in the labour market, based on a quantitative analysis of the data obtained from Eurostat, OECD bases, World Bank, and Economic Outlook Database. The conclusions from the analysis indicate that Polish economy after nearly 30 years, i.e. since the breakthrough year 1989, which initiated the period of political, economic and social transformation, has been promoted in the economic rankings to the group of countries of socioeconomic development similar to the average in the EU and in the euro area. This promotion progressed in parallel with the changes taking place in the labour market, but despite the progress achieved at that time, there is still a need for reforms to reduce the difference between our economy and the economy of the euro area. Thus, both the calendar and the pace of the accession process to the EMU may and should be the subject to optimisation in order to choose the most advantageous from our point of view, suitable path and a good moment for conversion of the Polish zloty into the euro.
9

Grecja - kraj zbyt bogaty, by upaść? Analiza sytuacji finansów publicznych krajów PIIGS oraz jej konsekwencje dla rynku walutowego

51%
Kowcuń A., Sutowicz M.
Roczniki Ekonomii i Zarządzania
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2011
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vol. 3(39)
111-130
XX
The aim of the present article is to present the convergence criteria contained in the Treaty of Maastricht and the degree to which it has been actually observed by the countries belonging to the Euro zone in the last two decades. Also, it tries to give an answer to the question concerning the rapid moves on the monetary market (with the indication to the EUR/USD ratio) in the context of the discussed problems of excessive debts incurred by the south European countries. In their analysis the authors pay special attention to Greece.
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