Challenges for Central Banks in an Enlarged EMU (Schriftenreihe der Österreichischen Gesellschaft für Europaforschung (ECSA Austria) / European Community ... Association of Austria Publication Series)

With the enlargement of the EU in May 2004, the possible enlargement of the Economic and Monetary Union also became an imminent issue: It can be expected that the 12 countries that have introduced the Euro so far will be joined by several others by the end of the decade. In this book, a set of internationally renowned economists from both sides of the Atlantic analyse the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets, etc. The scientists are supported by Central Bankers from current and future Euro-zone members who give their views on the problems and chances of Euro-accession. The book is thus providing an overall view of the major developments regarding the Euro in the years to come. Opening Remarks / Klaus Liebscher -- The Challenges Of Emu For A Small, Open Economy / Michael C. Bonello -- Flaws In The Design Of The Ecb / Paul De Grauwe -- Accession Countries And Erm Ii / Sylvester C. W. Eijffinger -- Challenges For Central Banks In An Enlarged Emu / Vahur Kraft -- Challenges For Central Banks In An Enlarged European Union And Euro Area / Gertrude Tumpel-gugerell -- New Challenges For Central Banks In An Enlarged Emu / Josef Christl -- Ecb Governance And Monetary Policy In The Enlarged Eu / Hans Genberg -- Is The Structure Of The Ecb Adequate To The New Challenge? / Anne Sibert -- The Monetary Policy Strategy After Eu Enlargement / Pierre L. Siklos -- The Euro, The European Financial Industry And Its Supervisors / Claudia M. Buch -- To Purgatory And Beyond / William H. Buiter -- Credit Booms, Demand Booms, And Euro Adoption / Susan Schadler, Zuzana Murgasova And Rachel Van Elkan -- Credit Booms And Erm Ii / Henk Brouwer -- The Adoption Of The Euro / Gyorgy Szapary -- Global Macroeconomic Policy Implications Of An Enlarged Emu / Reinhard Neck, Gottfried Haber And Warwick J. Mckibbin -- Fiscal Policy Challenges For Eu Acceding Countries / Jurgen Von Hagen -- How Large Are The Welfare Effects Of Eu Enlargement? / Helmut Frisch. Fritz Breuss, Eduard Hochreiter (eds.). Proceedings Of A Conference Held On Feb. 20-21, 2004 And Sponsored The European Community Studies Association (ecsa) Austria, The Europe Institute At The Vienna University Of Economics And Business Adminstration, And The Oesterreichische Nationalbank (oenb). Includes Bibliographical References. Front Matter....Pages i-4 Opening remarks....Pages 5-9 The Challenges of EMU for a Small, Open Economy....Pages 13-21 Flaws in the design of the ECB....Pages 23-27 Accession Countries and ERM II....Pages 29-43 Challenges for Central Banks in an Enlarged EMU....Pages 45-50 Challenges for Central Banks in an enlarged European Union and Euro Area....Pages 51-56 New Challenges for Central Banks in an Enlarged EMU....Pages 57-67 ECB Governance and Monetary Policy in the Enlarged EU....Pages 71-93 Is the structure of the ECB Adequate to the New Challenge?....Pages 95-117 The Monetary Policy Strategy after EU Enlargement....Pages 119-123 The Euro, the European Financial Industry and its Supervisors....Pages 127-142 To Purgatory and Beyond....Pages 145-186 Credit Booms, Demand Booms, and Euro Adoption....Pages 187-221 Credit booms and ERM II — comments on the papers of Susan Schadler and Willem Buiter....Pages 223-228 The Adoption of the Euro....Pages 229-231 Global Macroeconomic Policy Implications of an Enlarged EMU....Pages 235-257 Fiscal Policy Challenges for EU Acceding Countries....Pages 259-285 How large are the Welfare Effects of EU Enlargement?....Pages 287-290 Back Matter....Pages 291-300