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1

PUBLIC FINANCE IN EURO ZONE - CHALLENGES AND DIRECTION OF CHANGES

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 1(8)
15-34
EN
Poland is interested in entering the euro zone in the next few years. Replacing a zloty with a euro should constitute a considerable incentive for the development of the Polish economy. However, this has to be preceded by fulfillment of certain economic conditions referred to as the criteria of convergence. One of these is a criterion concerning public finance. Fulfilling this criterion may turn out to be very difficult for Poland. Therefore, the experiences of the euro zone countries of reducing the budget deficit and public debt are of vital importance here.
2

PUBLIC FINANCE IN THE PROCESS OF ADJUSTING POLISH ECONOMY TO THE EURO INTRODUCTION

100%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2007
|
issue 1(16)
7-37
EN
The aim of the paper is to describe the adjustments which should be made in the process of preparing Poland for participation in the euro zone. The process does not only mean a single fulfillment of convergence criterion concerning the budget deficit and public debt but the long-term recovery of the finance. It seems impossible to keep a high level of economic growth without an overall repair of public finance. The conducted research shows that the effective repair of public finance in Poland is essential not only as a necessary condition for using development prospects of the euro zone participation. It is also essential for improvement in international competitive position of Poland. A good condition of public finance combined with a stability of prices would constitute a good foundation of the increase in investment in economy including foreign investment.
3

PERSPECTIVES ON POLAND'S CONVERGENCE TO THE EUROZONE IN TERMS OF PRICE STABILITY

100%
Blaszczyk P.
Optimum. Studia Ekonomiczne
|
2011
|
issue 5(53)
134-148
EN
The main aim of this paper is to assess the process of convergence of Poland to the eurozone in terms of price stability from the perspective of the ECB's uniform monetary policy. The above aim is covered mainly in section three of this study. The previous sections constitute a theoretical basis for an empirical assessment of Poland. Section one focuses on the methodology of the Maastricht criterion in terms of price stability. It further delineates the main questions within this issue and the resulting problems for the eurozone candidates. On the basis of the above issues the author presents remarks regarding possible directions for the modification of the methodology of the criterion in question. Thus, section one draws on the analysis from the perspective of the eurozone candidate country, which means that it concerns the pre-accession period. On the other hand, the analysis presented in section two depicts price convergence after joining the eurozone. The aim of this point is mainly to study the meaning of differences in the dynamics of general price level in the eurozone for keeping a uniform monetary policy within member states. Finally, in section three - which is the focal point of this article - the issues touched upon in the previous two sections are referred to on the example of Poland. This section presents above all the assessment of the convergence of general price level dynamics in Poland and the Maastricht criterion as well as an average inflation rate in the eurozone. The results of the following study are a basis for answers to such questions as what the prospects of fulfilling the reference inflation value are and whether uniform ECB's policy can pose a threat for Poland. The answer to the latter question greatly determines the balance between the gains and losses of joining the eurozone.
4

Are we on the right track? Hungary's Euro strategy

100%
Mihalyi P.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 7/8
712-731
EN
Hungary seeks to demonstrate its credibility and fulfil the Maastricht criteria with gradual fiscal consolidation, a flexible system of exchange rates, and adherence to inflation targets. This is ill-advised, as it conceals the fluctuations in all four indicators. Credibility was lost around 2001 and situation with the four nominal convergence criteria is worse than it was in 2005. The strategy followed for four years is not suited to restoring credibility or ultimately to meeting the nominal convergence criteria either. The conflict between the government and central bank is an effect, rather than a cause of the course followed for four years becoming impossible. Credibility can only be regained now by turning to a currency-board system. Freedom of economy policy has been reduced to deciding when to schedule this. The study does not attempt to examine systematically the political, legal and institutional conditions for introducing a currency board. The alternative of speeding up spontaneous introduction of the Euro is a less favourable course.
5
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CHOSEN PROBLEMS OF THE EURO ZONE ENLARGEMENT

100%
Balcerzak A., Gorecka D., Rogalska E.
Olsztyn Economic Journal
|
2007
|
vol. 2
|
issue 1
1-11
EN
The article investigates a problem of the euro introduction by new members of the European Union. It presents some potential benefits and costs of entry to European Monetary Union in the context of its present and future functioning. Then it discusses some advantages and disadvantages of postponing joining the euro-zone. Besides, potential meaning and consequences of giving a target date of introduction of the euro by a country and possible scenarios that can be taken at this way are presented in the paper. Since the 1st January 2007 Euroland comprises 13 countries. The finance ministers of EU member states have approved of Slovenia's admission to the euro area. The application of Lithuania was rejected - European Commission and European Central Bank have judged that it has not fulfilled the inflation convergence criterion. With regard to this event, the article touches an issue of the need for reconsidering the Maastricht criteria which presently seem to be a source of many content-related and interpretation doubts. It also investigates the requirement for adjusting the convergence criteria to the fact that the euro-zone has already been in existence.
6
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Przystąpienie do Unii Europejskiej a członkostwo w Unii Gospodarczej i Walutowej

63%
Ryszka J.
Opolskie Studia Administracyjno-Prawne
|
2013
|
vol. XI
|
issue 4
59-74
EN
The concept of the Economic and Monetary Union is understood as a kind of advanced stage of economic integration based on a common market, where close coordination of economic and fiscal policy is provided, and, in the case of countries that meet certain conditions – a common monetary policy and a single currency. The Economic and Monetary Union includes two types of states: those that are members of the EU and remain outside the eurozone and those which are characterized by simultaneous membership in the EU and in the eurozone. Adoption of the euro, in fact, is one of the obligations of membership in the EU, although it may only follow upon fulfillment by the member state of the convergence criteria. Responsibilities of the member states forming the Economic and Monetary Union and using the euro are generally different, although one can point to certain elements that are in common. One of them is the obligation to refrain from excessive budget deficits. Although all members of the Economic and Monetary Union must ensure economic coordination within the EU, the consequences of non-compliance with the relevant reference values are in fact different in relation to the eurozone countries and those beyond it. Ensuring the effectiveness of execution of these obligations is of paramount importance in the time of the financial crisis that emerged in 2008. The EU has taken some interesting steps to be able to successfully fight this financial crisis, like, for example, the so-called fiscal pact or the European Stability Mechanism. Identification of all EU member states with the objectives of the EU strategy to fight the crisis will undoubtedly strengthen the EU’s credibility in international financial markets.
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