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The Road to the Euro: Exchange Rate Arrangements in European Transition Economies

Oesterreichische Nationalbank

Helmut Wagner

University of Hagen

This article examines the monetary policy road of the ten candidate countries from central and eastern Europe (CEE-10) on their way to EU accession and ultimately to adoption of the euro. The authors proceed in three steps. First, they describe the evolution of the monetary regime of the CEE-10 since the demise of the centrally planned economic system. Second, they deal with the currency crises of emerging market economies in the 1990s and develop potential lessons for the CEE-10. Third, they delineate the road map for the candidate countries by looking at both formal requirements and economic challenges that these countries have to meet before they can adopt the euro.

The ANNALS of the American Academy of Political and Social Science, Vol. 579, No. 1, 168-182 (2002)
DOI: 10.1177/000271620257900111


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