Estonia and Euro Adoption: Small Country Challenges of Joining EMU
Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency board in 1992. While the currency board arrangement served the country well during transition in the 1990s, it offers limited flexibility to implement policies that would ease the...
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| Main Author: | |
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2009
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency board in 1992. While the currency board arrangement served the country well during transition in the 1990s, it offers limited flexibility to implement policies that would ease the EU convergence as well as mitigate the global financial and economic crisis. The ongoing financial crisis has made euro adoption more attractive than ever and put it on the top of the country's policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the structure of its economy also notably differs from the euro zone. To benefit fully from joining the EMU, Estonia must strengthen other adjustment mechanisms to shocks, including flexibility of the labour market, further improving its environment to do business and a framework, which allows for anti-cyclical fiscal policies |
| Physical Description: | 1 Online-Ressource (26 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/220860037027 |
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| spelling | Brixiova, Zuzana Verfasser aut Estonia and Euro Adoption Small Country Challenges of Joining EMU Zuzana Brixiova, Margaret Morgan and Andreas Wörgötter = L'Estonie et l'adoption de l'euro : Les problèmes que pose à un petit pays l'adhésion à l'UEM / Zuzana Brixiova, Margaret Morgan et Andreas Wörgötter L'Estonie et l'adoption de l'euro Paris OECD Publishing 2009 1 Online-Ressource (26 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency board in 1992. While the currency board arrangement served the country well during transition in the 1990s, it offers limited flexibility to implement policies that would ease the EU convergence as well as mitigate the global financial and economic crisis. The ongoing financial crisis has made euro adoption more attractive than ever and put it on the top of the country's policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the structure of its economy also notably differs from the euro zone. To benefit fully from joining the EMU, Estonia must strengthen other adjustment mechanisms to shocks, including flexibility of the labour market, further improving its environment to do business and a framework, which allows for anti-cyclical fiscal policies Economics Estonia Morgan, Margaret ctb Wörgötter, Andreas ctb https://doi.org/10.1787/220860037027 Verlag kostenfrei Volltext |
| spellingShingle | Brixiova, Zuzana Estonia and Euro Adoption Small Country Challenges of Joining EMU Economics Estonia |
| title | Estonia and Euro Adoption Small Country Challenges of Joining EMU |
| title_alt | L'Estonie et l'adoption de l'euro |
| title_auth | Estonia and Euro Adoption Small Country Challenges of Joining EMU |
| title_exact_search | Estonia and Euro Adoption Small Country Challenges of Joining EMU |
| title_exact_search_txtP | Estonia and Euro Adoption Small Country Challenges of Joining EMU |
| title_full | Estonia and Euro Adoption Small Country Challenges of Joining EMU Zuzana Brixiova, Margaret Morgan and Andreas Wörgötter = L'Estonie et l'adoption de l'euro : Les problèmes que pose à un petit pays l'adhésion à l'UEM / Zuzana Brixiova, Margaret Morgan et Andreas Wörgötter |
| title_fullStr | Estonia and Euro Adoption Small Country Challenges of Joining EMU Zuzana Brixiova, Margaret Morgan and Andreas Wörgötter = L'Estonie et l'adoption de l'euro : Les problèmes que pose à un petit pays l'adhésion à l'UEM / Zuzana Brixiova, Margaret Morgan et Andreas Wörgötter |
| title_full_unstemmed | Estonia and Euro Adoption Small Country Challenges of Joining EMU Zuzana Brixiova, Margaret Morgan and Andreas Wörgötter = L'Estonie et l'adoption de l'euro : Les problèmes que pose à un petit pays l'adhésion à l'UEM / Zuzana Brixiova, Margaret Morgan et Andreas Wörgötter |
| title_short | Estonia and Euro Adoption |
| title_sort | estonia and euro adoption small country challenges of joining emu |
| title_sub | Small Country Challenges of Joining EMU |
| topic | Economics Estonia |
| topic_facet | Economics Estonia |
| url | https://doi.org/10.1787/220860037027 |
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