Membership in the Reforming Euro Area: A Central-Eastern European Perspective
Membership in the Reforming Euro Area: A Central-Eastern European Perspective

Author(s): Agata Gostyńska, Paweł Tokarski, Patryk Toporowski, Damian Wnukowski
Contributor(s): Brien Barnett (Editor), Dorota Dołęgowska (Editor)
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, Supranational / Global Economy, Sociology, Economic policy, International relations/trade, Economic development, EU-Accession / EU-DEvelopment, Fiscal Politics / Budgeting, Geopolitics
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: Reforming Euro-area; European Union; Euro-zone; Central and Eastern Europe; EU integration; economic policy; fiscal policy; economic stability;
Summary/Abstract: On 25th June 2013, the closed-door scientific workshop “Membership in the Reforming Euro Area: The CEE Perspective” took place at the Polish Institute of International Affairs. It was the first event organised as part of the Rastanews project (“Macro-Risk Assessment and Stabilisation Policies with New Early Warning Signals”) The aim of the workshop was to initiate a discussion on the project and to provide some food for thought on the work in the upcoming months centred on the particular deliverables of Work Package 6 of the project. This report intends to summarise the objectives set up there and along with the recommendations it offers to contribute to the overall efforts to provide a framework for a revised EMU necessary to achieve EU stability and regain credibility in the eyes of the rest of the world. Over the course of the workshop, serious discrepancies in the macroeconomic potential of the EU Member States and an insufficient level of economic convergence were identified. This incongruence is clearly reflected in these economies’ competitiveness and reflected in their current account balances. Therefore, the current crisis should be called rather a “balance of payments crisis” than a crisis of the euro currency.

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