Abstract
Almost all member states of the new European Union declared their wish to introduce the euro in the near future. The decision of the European Union institutions concerning Lithuania revealed the peculiarities and problems of the euro area enlargement to the Central and Eastern European countries, which are not easy to explain on a purely economic basis while all of them share the same market, and the economic growth restrictions imposed on them are quite disadvantageous. The article discusses a hypothesis that decision on the expansion of the euro zone is determined not only by fulfilment of the Maastricht criteria, but also by a complex of macroeconomic, institutional and political reasons. This article aims to discuss the problem related to the monetary integration in the Central and Eastern Europe. Of no less importance is the progress in implementing measures provided in the governments’ programmes, convergence programmes and national plans of the euro adoption of the countries. Conclusions and proposals are presented on how the Central and Eastern European states must strengthen the monitoring of the monetary integration under different standpoints and interests of the players in the decision-making process regarding the euro area membership.
Highlights
Almost all member states of the new European Union (EU) declared their wish to introduce the euro in the near future
Arguments were voiced for stricter requirements in respect of Central and Eastern European (CEE) countries, which caused a significant adjustment of the plans in most of the states
Most of the new EU countries declared their wish to join the euro zone in the near future, but it would be unfair to ignore the fact that the fulfilment of the Maastricht criterion for price stability is becoming ever more complicated
Summary
Almost all member states of the new European Union (EU) declared their wish to introduce the euro in the near future. All of them will have to join the euro area in the future, since they are members of the Economic and Monetary Union (EMU), just with a temporary derogation not to adopt the euro. On the one hand, owing to the insufficient economic development, the CEE countries must meet stricter requirements and solve the problem of the public finance; on the other hand, they are under time pressure to demonstrate their readiness and prove their capabilities as valuable potential members of the euro zone. The article provides conclusions and proposals on how CEE states must strengthen the monitoring of the monetary integration under different standpoints and interests of the players in the decision-making process regarding the euro area membership.
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