Nove zemlje članice EU i EMU - konvergencija i financijska kriza
New Member States of the EU and EMU – Convergence and the Financial Crisis

Summary/Abstract: The theory of the Optimum Currency Area (OCA) clearly accentuates the need for common economic characteristics among states if it is to work well. This paper analyses the extent to which the New Member States of the European Union (NMS) satisfy the criteria of nominal and real convergence. Four of these Member States have introduced the Euro, whereas the rest are at different stages of becoming part of the Economic and Monetary Union (EMU). A financial crisis of global proportions implies a number of economic problems in all of the Member States of the EU, especially in the NMS where the new issues have added up to the already grave consequences of the transition period. What is needed is more unity and co-operation within the EU as well as significant financial aid from the IMF and the EU to the New Member States in order to sustain stability in the crisis period. The crisis has again raised the issue of introducing the Euro since membership of the EMU would buffer the effects of the financial crisis provided that the business cycles of the Member States were synchronized. Otherwise an independent monetary policy represents a key instrument in the liquidity regulation of the economy.

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