RÓŻNICE W WYSOKOŚCI STÓP PROCENTOWYCH A NIERÓWNOWAGI MAKROEKONOMICZNE W STREFIE EURO
INTEREST RATES CONVERGENCE AND MACROECONOMIC IMBALANCES IN EURO AREA

Summary/Abstract: Paper discusses lack of interest rates convergence prior to euro adoption as the reason of eurozone crisis. Paper examines spreads of nominal and real interest rates. Taking into account differences in interest rates between Poland and the euro area (similar to the countries affected by the crisis prior to joining eurozone), there is a potential for accumulation of macroeconomic imbalances, especially if we take into consideration the state of the real convergence. This means that in the case of adoption of a common currency, economic policy must be prepared to act allowing the suppression or correction of macroeconomic imbalances.

• Details
• Contents