The Unilateral Euroisation Debate in Central and Eastern European EU Accession Countries

Wójcik, C. and Backé, P. (2004) The Unilateral Euroisation Debate in Central and Eastern European EU Accession Countries. Acta Oeconomica, 54 (2). pp. 123-157. ISSN 0001-6373

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Abstract

This paper provides an analysis of the economic benefits, costs and risks that a fast unilateral euroisation would have for the Central and Eastern European EU accession countries. In doing so, a comprehensive and broad overview of the euroisation debate is presented. The overall conclusion from the analysis is that, at this stage, the economics of a rapid unilateral euroisation are highly ambiguous and probably even harmful for the accession countries. However, there are good reasons to believe that the cost-benefit balance of full monetary integration will turn positive for some accession countries within a few years if sound macroeconomic policies are retained, the Maastricht criteria are fulfilled and structural reforms are carried on further to underpin the sustainability of convergence.

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