Adopting the euro will have costs for the so-called accession economies, but so would shunning the euro. In fact, there are compelling reasons to think that adopting the euro will be less costly than the other monetary options available to the countries of ‘new’ Europe.
New Europe Meets the Euro
Barry Eichengreen, a Current History contributing editor, is a professor of economics and political science at the University of California at Berkeley, and author of Capital Flows and Crises (MIT Press, 2003). This article draws on a lecture presented to the November 2003 East-West Conference sponsored by the Austrian National Bank in Vienna. A longer version is forthcoming from Kluwer Academic Publishers.
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Barry Eichengreen; New Europe Meets the Euro. Current History 1 March 2004; 103 (671): 127–134. doi: https://doi.org/10.1525/curh.2004.103.671.127
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