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• The joining negotiations in rapport with the EMU

  75-87

  Laszlo Jankovics

  Views:

  121

  The study surveys the field that deals with the Eastward expansion of the European Economic and Monetary Union /EMU/ after the joining negotiations, involving the probable legal, political and economic dilemmas and problems of the introduction of euro in Hungary. The joining contract and the relevant documents unambiguosly outlining the items within the monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary integration for the Hungarian economy can be planned. It also examines the chosen monetary-political systems of the candidate for membership countries from the relevant European regulation point of view, just as the possibility of individual solutions.

• A német transzferrendszer mint a gazdasági visszaesés okozója

  Agnes Orosz

  Views:

  178

  According to the theory of optimal currency areas the most important advantage of monetary integration is its positive effect on economic growth. However, examining Germany we can notice that since German reunification economic growth and the convergence between East and West Germany has slowed down. These facts show that the operation of the German currency union is not optimal and its performance has not improved over the last twenty years. The criteria of the optimal currency area theory is endogenous due to the recent development of the theory. This means that a country is more likely to satisfy the criteria for entry into a curreny union ex post than ex ante. In the case of Germany, examining the trends of economic growth we can conclude the the German currency union has not become optimal in the last two decades. These facts raise the puzzling question of what are the specific circumstances hindering the improvement if Germany's monetary union despite the endogeneity of the optimal currency area criteria. To answer this question the study examines the interactions between monetary and political integration with special attention to the issues of fiscal policy. According to the study the German transfer system and the dependency on transfers explain the discrepancy between theory and empirics.

  Journal of Economic Literature (JEL) classification: E42, E62, E63, F01, F31, F36

• Roadmap for the adoption of the euro in Hungary: dangers and opportunities

  Laszlo Jankovics

  Views:

  155

  In April 2003, the EU Accession Agreement was officially signed for the Czech Republic, Estonia, Cyprus, Hungary, Latvia, Lithuania, Malta, Poland, Slovenia and the Slovak Republic. These countries are destined to become EU members in May 2004. As part of the “acquis communautaire”, participation in the new version of the exchange rate mechanism (ERM II), and subsequently in the European Monetary Union (EMU) is obligatory for all new EU members (no opt-out clause is available). Therefore, the question today for the accession countries is no longer whether or not to enter the eurozone but rather the time horizon when the entry should happen.

  Journal of Economic Literature (JEL) code: E42, E58, F33.

• The Monetary Union and the policitcal unification in Europe

  96-104

  László Jankovics

  Views:

  129

  The article deals with the European Economic and Monetary Union's connection with politics. The author examines how the Monetary Union came to be with the help of the traditional integration theories and also what answers can be gained from them on the question of politically unification. He shows how the Werner-plan, mentioned as the forerunner of the EMU, helped in forming the Union in the light of the theory of optimal currency areas. He points at the problem around European fiscal federalism. In order to elevate the mostly underrated economic powers, he uses the Mundell-Fleming model to illustrate the economic relations behind the Union, which, to some extent, stand in contrast with the way of behaviour driving back to political thinking.