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Journal of Economic Integration 2007 March;22(1) :156-180.
DOI: https://doi.org/10.11130/jei.2007.22.1.156
EU Enlargement and the EMU
Leo Michelis and 
Minoas Koukouritakis 
Ryerson University
University of Crete
Copyright ©2007 Journal of Economic Integration
ABSTRACT

This paper investigates empirically the extent to which the ten new EU countries are ready to join the European Monetary Union (EMU). Using France and Germany as a benchmark, we assess the prospects of successful EMU participation based on common trends analysis of the nominal convergence criteria as well as on real exchange rates and real per capita GDPs. The empirical results indicate that the new EU countries are partially ready to join the eurozone, and need further adjustments in their government policies to be fully prepared for joining the EMU.

JEL classification:F15, F33, F42

Keywords: Economic Integration | EU Enlargement | Cointegration | Common Trends
 
REFERENCE
1. Barro, J.R and Sala-i-Marin X. (1995) Economic Growth, McGraw-Hill Inc, UK.
2. Bayoumi, T. and Taylor, M.P. (1995) Macroeconomic Shocks, the ERM and Tripolarity, Review of Economics and Statistics, 77, 321-331.
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