布鲁盖尔研究报告-With-or-without-you_-are-central-European-countries-ready-for-the-euro__14页_620kb.pdfVIP

用户上传 更多免费报告请查看研报客 Policy Contribution Issue n˚12 | October 2019 With or without you: are central European countries ready for the euro? Zsolt Darvas Executive summary Zsolt Darvas (zsolt. darvas@) is a Southern European euro-area members suffered from unsustainable developments after they Senior Fellow at Bruegel and joined the euro in 1999 and up to 2008, and have had great difficulties since. Inadequate national at Corvinus University of policies were the main causes of these unsustainable developments, but euro membership Budapest played a role before 2008 by leading to low real interest rates (which fuelled credit booms) and by enabling complacency about potential vulnerabilities. Euro-area crisis management was also deficient in a number of ways. Of the 13 countries that joined the EU between 2004 and 2013, seven have entered the euro area. Many faced similar problems to southern Europe in the pre-crisis period when they had fixed exchange rates, but they were able to adjust inside the euro area and resume economic convergence. Slovakia, which joined the euro area at a very strong exchange rate in 2009, and Bulgaria, which has a currency board fixed to the euro, performed similarly or even better in macroeconomic terms than the Czech Republic, Hungary and Romania between 2008 an