The political economy of the Eurozone in Central and Eastern Europe: why in, why out?
"The idea of this volume comes from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the...
Gespeichert in:
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| Format: | Buch |
| Sprache: | English |
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London ; New York
Routledge, Taylor & Francis Group
2022
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| Schriftenreihe: | Europa perspectives on the EU single market
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Register // Gemischte Register |
| Zusammenfassung: | "The idea of this volume comes from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question 'why in, why out?' remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010-13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amidst the economic crisis caused by the coronavirus COVID-19 pandemic. At the same time, the three Visegrad countries still using their national currencies - Poland, Czechia and Hungary - no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region"-- |
| Beschreibung: | xix, 288 Seiten Diagramme |
| ISBN: | 9781032034676 9780367202774 |
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| 505 | 8 | |a Part I. Horizontal issues -- Seventeen years in the European Union : the questions of monetary integration in Central and Eastern Europe / Krisztina Arató, Boglárka Koller and Anita Pelle -- International political economy and Eurozone membership of post-transition ceonomies : a theoretical framework / Anita Pelle -- Eurozone membership, economic and political gains and losses / Christian Schweiger -- Are democratic backsliding and staying out of the Eurozone interconnected? / Krisztina Arató and István Benedek -- The euro and the collective identities of Central and Eastern European nationals / Boglárka Koller -- The global and the Eurozone crises and their effects on Central and Eastern Europe's economic performance / Gabriella Tabajdi and Marcell Zoltán Végh -- Companies in Central and Eastern Europe and Eurozone membership : an attempt at a microeconomic analysis / Marta Götz and Barbara Jankowska -- The Banking Union and the Central and Eastern European countries / Katalin Mérő -- Part II. Country studies -- Eurozone integrational project assessment : economic lessons from Slovenia and Croatia / Maks Tajnikar, Petra Došenović Bonča and Ivan Rubinić -- Slovakia in the Eurozone : tatra tiger or mafia state inside the elite club? / Zsolt Gál and Darina Malová -- Poland and euro adoption : from integration-driven enthusiasm to post-pandemic uncertainty / Jakub Borowski -- The Hungarian eurolessness : from eulogy to neutrality and beyond / Olivér Kovács -- The Czech Republic and the euro : not now, or not ever? / Vladan Hodulák and Zdeněk Sychra -- The Baltic states and the Eurozone / Magnus Feldmann and Vytautas Kuokštis -- A tale of two peripheries : the euro accession in Bulgaria and Romania / Cornel Ban and Clara Volintiru -- Central and Eastern Europe and the euro in the 2020s : what is on the horizon? / Krisztina Arató, Boglárka Koller and Anita Pelle | |
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Datensatz im Suchindex
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| adam_text | Contents List offigures List of tables List of contributors Preface vii x xi xviii PART I Horizontal issues 1 1 Seventeen years in the European Union: The questions of monetary integration in Central and Eastern Europe 3 KRISZTINA ARATÓ, BOGLÁRKA KOLLER AND ANITA PELLE 2 International political economy and Eurozone membership of post-transition economies: A theoretical framework 11 ANITA PELLE 3 Eurozone membership, economic and political gains and losses 27 CHRISTIAN SCHWEIGER 4 Are democratic backsliding and staying out of the Eurozone interconnected? 40 KRISZTINA ARATÓ AND ISTVÁN BENEDEK 5 The euro and the collective identities of Central and Eastern European nationals 56 BOGLÁRKA KOLLER 6 The global and the Eurozone crises and their effects on Central and Eastern Europe’s economic performance GABRIELLA TABAJDI AND MARCELL ZOLTÁN VÉGH 82
vi Contents 7 Companies in Central and Eastern Europe and Eurozone membership: An attempt at a microeconomic analysis 99 MARTA GÖTZ AND BARBARA JANKOWSKA 8 The Banking Union and the Central and Eastern European countries 116 KATALIN MÉRŐ PART И Country studies 9 Eurozone integrational project assessment: Economic lessons from Slovenia and Croatia 137 139 MAKS TAJNIKAR, PETRA DOŠENOVIĆ BONČA AND IVAN RUBINIĆ 10 Slovakia in the Eurozone: Tatra tiger or mafia state inside the elite club? 165 ZSOLT GÁL AND DARINA MALOVÁ 11 Poland and euro adoption: From integration-driven enthusiasm to post-pandemic uncertainty 184 JAKUB BOROWSKI 12 The Elungarian eurolessness: From eulogy to neutrality and beyond 198 OLIVÉR KOVÁCS 13 The Czech Republic and the euro: Not now, or not ever? 216 VLADAN HODULÁK AND ZDENĚK SYCHRA 14 The Baltic states and the Eurozone 238 MAGNUS FELDMANN AND VYTAUTAS KUOKŠTIS 15 A tale of two peripheries: The euro accession in Bulgaria and Romania 255 CORNEL BAN AND CLARA VOLINTIRU 16 Central and Eastern Europe and the euro in the 2020s: What is on the horizon? 275 KRISZTINA ARATÓ, BOGLÁRKA KOLLER AND ANITA PELLE Index 280
Index Page numbers in italics and bold indicate Figures and Tables, respectively. Albright, Madeleine 165 Algeria 106 Ansip, Andrus 64, 246-247 Association Agreements 239 Austria: intra-EU-28 trade 107, 108; wage levels 228 Babiš, Andrej 217, 219-220 backsliding see democratic backsliding, institutional backsliding Bajnai, Gordon 68 Balassa-Samuelson effect 229 Balgarska Narodna Banka (BNB) 261 Baltic states: access to European Common Market 239-240; austerity/ internal devaluation strategy 250; competition between 240; economic crisis management policies 93; economic flexibility 249-250; euro accession debate 241-244, 246-247; euro adoption preconditions 247; Europeanization pressures 242-243; Eurozone accession 64; global financial and economic crisis impacts on 244-248; government deficit/ surplus of 2/; inflation rates 245; Maastricht criteria fulfilment 244; macroeconomic policies 239-240; political economies’ future prospects 249-251; productivity growth 250; public sector surplus/deficits 246; real GDP contraction 244; real GDP growth rates 86, 245; as UN’s geographic security 240; see also Estonia, Latvia, Lithuania banking nationalism 118, 125, 130, 133 banking sector (CEE-6 countries): asset quality of 121-123; concentration and competitiveness of 121, 122; loan-todeposit ratio 120-121, 121; non-performing loans 121-123; non performing loans to total loans 124; OTP Bank 120; private credit 122; profitability of 121; return on equity 121,123; Z-scores 123,124, 133n8; see also Banking Union (BU) Banking Union (BU) 7; attitudes and arguments 117-118, 125-127;
binding technical standards 117; goal of 116; non-Eurozone members opt-in 117; opt-in/opt-out choice 125-127, 126-127; participation restrictions 132; pillars of 116-117; position on joining, by country 118; Single Rulebook 117; supervisory authority 116-117, 118-119; supervisory mechanism 42 Baudrillard, Jean 206, 209 Belgium 107, 108 Borisov, Boyko 261-262 Borissov, Boyko 70 Brazil 106 Bretton Woods System 27 Brexit 3, 36, 118, 218-219, 222-223, 278 Bulgaria: banking sector’s Z-score 123, 124; Banking Union opt-in/opt-out choice 127-128; citizens’ attachment to the EU 73; Commission for the Adoption of the Euro 259; COVID-19 pandemic and 261-262; credit rating tied to euro adoption 261; currency board 259-260; demand regime 256; economic crisis management policies
Index 281 92-93; economic stability 269; EMU support 73; entering ERM II 19, 23, 128, 259; EU membership 13, 23; euro accession debate 9, 70, 74, 75, 112-113; euro accession process 258-262; on euro as identity symbol 75; European Central Bank and 128; excessive deficit procedures for 91; exports 257, 260; foreign direct investment inflows 255-256; GDP deflation 260; GDP per capita 22, 225՛, government consolidated gross debt 21; hyperinflationary shock 259-260; IMF bailout conditions 259; intra-EU-28 trade 107, 108; non-performing loans 121; non-performing loans to total loans 124; pegged currency 260; population inequality 261; private credit 122; purchasing power parity 256; real GDP growth rate changes 86, 87; subnational regional disparities 256-257 Bulgarian Industrial Association (BIA) 112-113 Bundesbank 29-30 Butkevičius, Algirdas 65 Calabrian mafia 177 Canada 106 central bank independence 15 Central European Free Trade Agreement (CEFTA) 12, 24nl Chamberlain, Neil W. 210 China 106 Chirac, Jacques 31 Christian Democrats 220 Cîțu, Vaile-Florin 265-266, 270nl5 Civic Democratic Party 220 common currency see national currencies Communist Party of Bohemia and Moravia 220 conditionality principle 41 consolidated democracies 45-46 Copenhagen criteria 12-13, 34-35 Copenhagen Summit 4 corona (COVID-19) pandemic: broken supply chains and 190; Bulgaria and 261-262; consequences of 178; creating indebtedness 22; as economic crisis management test 278; effectiveness of countercyclical monetary policies 193-194; European Commission and 276-277; Eurozone membership in post- 278;
Poland and 184, 188, 191-194; Romania and 267; zloty depreciation 188 coronation theory 30, 193 corporations: alternative competitive advantages 102; capital access 102; competitiveness 101; economies of scale 103; euro adoption impact on 104; Eurozone membership impact on 101-103, 102-103; exchange rates and 102; extra-EA-19 trade 106; global value chains 103; intra-EU trade and 105-107, 107, 108; outward foreign investments 103; redistribution and 104; trade and 103; transaction costs 103 Council for Budget Responsibility (CBR) 174 COVID-19 see corona (COVID-19) pandemic Croatia: adopted tax policies 162; banking operations 162-163; banking sector’s Z-score 124; Banking Union opt-in/opt-out choice 128-129; budget deficit 157; citizens’ attachment to the EU 73; consumer confidence 154; contraction phase 157; economic crisis management policies 93; economic cycle 150-151, 159; economic size 140; effective demand elements 152; EMU support 73; entering ERM II 19, 23, 129; EU membership 13, 23; euro accession debate 8, 71, 74; on euro as identity symbol 75; excessive deficit procedures for 91; exchange rate policies 161-162; exchange rates 157-158; export and import dynamics 151; exports 153-154, 156, 158, 160; export-to-effective-demand ratio 159; GDP growth 150; GDP growth rates 151; GDP per capita 22; government consolidated gross debt 21; government revenues 155, 155, 156; government spending 155, 156; gross external debt 151-153, 152, 155; household consumption 154,154, 156, 157, 158; inflation rates 144; international trade flows 159-160; intra-EU-28 trade 107, 108;
investments 151-153, 153, 157; key indicators 141; land size 140, 159; macroeconomic policies 140; monetary integration in 160-161;
282 Index non-performing loans 121; non-performing loans to total loans 124; private consumption 154; private credit 122; real GDP growth rates 86, 87, 152; trade imbalances 153, 155, 157-158; unemployment rates 150-151, 151, 153 currencies see national currencies currency exchange rates 27-28, 110, 111, 111, 112, 187-189 currency unions 18-19, 60-61, 66, 72, 104, 241, 276-277 Cyprus 24n4, 107, 108 Czech Confederation of Industry 112 Czechia (Czech Republic) 8; account balance 226; anti-EU sentiments 76; attitudes on euro adoption 218-221, 218; banking policies 125; banking sector’s Z-score 123,124; banking system 129; Banking Union impact study 129-130; business sector 220-221, 227; citizens’ attachment to the EU 73; commuters 229; debt-toGDP ratios 224; economic crisis impact on 247-248; economic crisis management policies 92; economic fundamentals 224-225; EMU support 73; EU membership 13, 23; euro accession debate 9, 74, 112, 217-224, 221; euro adoption plan 216-217; on euro as identity symbol 75; euro dominated corporate debt 227; Euroscepticism 76, 277; Eurozone dependency 226; Eurozone membership debate 65-66; excessive deficit procedures for 91; external debt rate 201; extra-EA-19 trade 106; Fiscal Compact and 223-224; foreignborn population 232nl4; foreign direct investment inflows 90; free riding policy 231; GDP per capita 22, 225; government budget deficit 224; government consolidated gross debt 21; gross domestic product 18; income outflows 225; inflation rates 229; intra-EU-28 trade 107, 108; koruna, national sovereignty and 219; koruna’s exchange rate to
euro 17, 18; labour unions 228; non-performing loans 121; non-performing loans to total loans 124; price levels 229; private credit 122; productivity 203; public debt 230; real economic convergence 227-228; real GDP growth rate changes 87; wage levels 228-229, 228; see also Visegrad Group Czech-Moravian Confederation of Trade Unions 221 Czechoslovakia: CEFTA agreement 12; EU membership 13; voucher privatization 83; see also Czechia (Czech Republic), Slovakia Czech Pirate Party 220 Czech Social Democratic Party 220 Dăncilă, Viorica 70 Delors report 29 democracy indices: Economist Intelligence Unit 47-48; Freedom House, Nations in Transit 44-46; Varieties of Democracy 46 democratic backsliding 36, 40, 43^44, 276 democratic quality: Economist Intelligence Unit 47-48; of Eurozone members 46; Eurozone membership and 41-44, 48-51; Freedom House, Nations in Transit 44-46; in non-member countries 46; Varieties of Democracy (V-Dem) 46 democratization 35, 41, 43, 45 Denmark: Banking Union opt-in/opt-out choice 118; extra-EA-19 trade 106; intra-EU-28 trade 107, 108 Deutsche Mark 60 Dombrovskis, Valdis 64-65 dynamic stochastic general equilibrium model (DSGE) 187 Dzurinda, Mikuláš 63, 166 Economic and Monetary Union (EMU): convergence criterion bond yields 20; Delors report 29; disinflation and 15; divergence toward implementation 29-32; as diversity marker 60; fiscal criterion of joining 20-22; governance framework 222; identity-building project 59; launching of 276; macroeconomic implications entering 99-100; negative experiences of 261; reforms 223; shared sovereignty and 42-43;
support for one single currency 73 economic governance 42^43 Economist Intelligence Unit Democracy Index 47-48, 48 electoral democracy theory 45^16
Index 283 Estonia: admitted to United Nations 239; citizens’ attachment to the EU 73; economic crisis impact on 248; EMU support 73; entering ERM II 23; EU membership 23; on euro as identity symbol 75; Eurozone membership 23, 64; foreign direct investment inflows 90; GDP per capita 22; government consolidated gross debt 27; government deficit/surplus of 27; intra-EU-28 trade 107, 108; macroeconomic policies 9; national currency 239; national debt 240; real GDP growth rate changes 86, 87; see also Baltic states EU-15 countries 34-35, 84, 86, 193 EU-27 countries 109 EU-28 countries 27, 87, 219 EUR-19 27 euro: attitudes and arguments 17-18, 218-221; collective identities and 60; commitment to 16; creating political convergence 59-60; as economic crisis ‘exit strategy’ 64, 246-247; for economic stability 22-23; European identity and 57; future of 36-37; as an identity symbol 57-58; as identity symbol 75; inflation rates effects 160; long-term effects of 185; national exchange rates changes 110; national sovereignty issue 219; non-Eurozone members support for 73-74; opinions on 219; public opinion on 71-75; stabilization of 32-33; as synonymous with EU 74; see also national currencies euroization 227 Europe Agreements 13, 239 European Banking Authority (EBA) 117 European Central Bank (ECB): banking operations interference 162; as Banking Union supervisory authority 42, 116-117, 118-119; Bulgaria and 128; Bundesbank and 29-30; decision making body 119; future of 277; Governing Council 119, 132; monetary policy of 171; on Romania’s preparedness 263; Supervisory Board 119 European
Commission: Annual Growth Survey 33; Catching Up Regions initiative 269-270n3; European Semester and 42; Juncker, Jean-Claude 232n3; Justice Scoreboard and 42; on Romania’s preparedness 263 European Community (EC): currency exchange rates 27; monetary integration in 28 European Council: Copenhagen criteria 12-13; summit 12 European Deposit Insurance Scheme (EDIS) 116-117 European Economic and Monetary Union see Economic and Monetary Union (EMU) European Exchange Rate Mechanism (ERM) 28 European Financial Stability Facility (EFSF) 33, 85, 174 European Fund for Strategic Investments (EFSI) 261 European identity 5, 57-59, 71-75 Europeanization 4, 19, 50, 242-243 European Monetary System (EMS) 28 European Semester 33, 42, 50 European Stability Mechanism (ESM) 33-34, 230 European System of Central Banks (ESCB) 15 European Union: citizens’ attachment to 72, 73; common identity, symbols for 57-58; differentiated integration in 276; Eastern enlargement 16, 23-24; economic governance 210; enlargement process 12-14; euro-centred exchange rate regime 18-19; Europeanization and 50; membership by country 23; political landscape of 277; political marginalization in 222 Euroscepticism 49, 65-66, 76, 125, 218-219, 222, 277 Eurozone: corporations and (See corporations); economic governance 42-43; European identity and 5; evolution of 5; governance framework 32-33; governance reform 5; institutional flaws 32-34; macroeconomic policy coordination 32; member/non-member differences 61-62; mission of 50; non-members 65-71; ordoliberal stability union for 34; private credit 122; reformed
governance mechanisms 34-36; Stability and Growth Pact (SGP) 5,
284 Index 30; see also Eurozone crisis, Eurozone membership Eurozone crisis: factors contributing to 85; of Greece 85; impact of 85-91; international trade and 88; intra-EU trade and 88-89; popular trust and 3-4; recovery from 88 Eurozone membership: business perspective 6; as ‘club within the club’ 56; corporations and (See corporations); by country 23; currency devaluation 16-17; democratic quality and 41-44; democratization and 43; economic policy challenges and 16-17; as economic project 76; euro adoption strategies of 62-65; external indebtedness influence 163-164; micro-perspective 101; in/out strategies 100-104; ‘pre-in’ states 100 Exchange Rate Mechanism (ERM) II 18-19, 23, 63 exchange rates see currency exchange rates Fico, Robert 63, 165, 167, 172-173, 177-178 Finland 107, 108 Fiscal Compact 33, 223-224 fiscal populism 175 flawed democracy 47 foreign direct investment (FDI): Bulgaria 255-256; by country 90; growth rates from 84; Poland 185; Romania 255-256; Slovakia 167 France 107, 108 ‘free and fair’ democracy 47 Freedom House, Nations in Transit 44-46, 45 free trade agreements 239 full democracies 48 Georgescu, Florin 70 Georgieva, Kristalina 261 German Basic Law 29 German Deutsche Mark (D-Mark) 27-29 German Foreign Chamber of Commerce 110 Germany: exports 257; intra-EU-28 trade 107, 108; wage levels 228 Giscard d’Estaing, Valéry 28 global financial and economic crisis: Banking Union (BU) 7; crisis management procedures 82, 91-94; cultural concerns 61; currency union and 60-61; euro as ‘exit strategy’ from 64; events leading up to 84-85; government deficits 91;
identity differentiations 61; impact of 85-91; interconnectedness of economies 84; mitigating impact of 91-94; outbreak of 24n5; Poland and 186; public debt-to-GDP ratios 91, 94; real GDP growth rate changes 86, 87; shaping attitudes to Eurozone membership 5; transmission channels 84-85; see also Lehman Brothers global value chains (GVCs) 103, 108-110, 188-190 government debt 20-22, 21 Great Recession see global financial and economic crisis Greece: Eurozone crisis and 85; intra-EU-28 trade 107, 108; pre-crisis debt levels 32; public deficit 31 Grubel-Lloyd index 189 Guga, Stefan 263-264 Gyurcsány, Ferenc 68 Helsinki European Council 13 Hungary: Bajnai government 202; banking policies 125; banking sector 130; banking sector’s Z-score 124՛, Banking Union opt-in/opt-out choice 130-131; as being ‘08/15’ 199, 212n3; CEFTA agreement 12; citizens’ attachment to the EU 73; debt-toGDP ratios 201; economic crisis management policies 93; economic governance 200-202, 206-208; as electoral authoritarian regime 51; EMU support 73; EU membership 13, 23,199, 277; euro accession debate 8-9, 74, 211-212; on euro as identity symbol 75; Eurozone accession agony 206; Eurozone membership debate 68-70; excessive deficit procedures for 91; exchange rate stability 204; exchange rate trends 18; exports 257; external debt rate 201; external indebtedness 200; extra-EA-19 trade 106; fiscal policy 212n2; foreign direct investment inflows 90; forint exchange rate 212n8; forint’s exchange rate to euro 19; GDP per capita 22, 225; globalization backlash 206; government consolidated gross debt
Index 21; gross debt-to-income ratios 201; higher education institutions attacks 209; illiberal democracy 208; indebtedness 22; intra-EU-28 trade 107, 108; labour laws 208-209; Maastricht criteria, compliance 199; macroeconomic fundamentals 204; Medgyessy administration 199; migration 212n5; non-performing loans to total loans 124; official currency 204; Orbán government 199; plebiscitary leadership 208-209; political budget cycles 199, 200; private credit 122; private sector debt 201; productivity 203; public debt-toGDP ratios 91; quality of democracy 5; real GDP growth rate changes 87; rebelling against Brussels 208; total factor productivity 202; as transitional regime 46; wage levels 228; workers’ remittances 202-203; see also Visegrad Group illiberal democracy 43, 208 India 106 institutional backsliding 40 institution building 14 Ireland 32, 107,108 IsKrescu, Mugur 263, 268 Italy: exports 257; intra-EU-28 trade 107, 108; public deficit 31 285 procedures for 91; foreign direct investment inflows 90; GDP per capita 22; government consolidated gross debt 21; government deficit/surplus of 21; intra-EU-28 trade 107, 108; macroeconomic policies 9; macroeconomic regimes 239; real GDP growth rate changes 86, 87; see also Baltic states Lehman Brothers 24n5, 84, 92, 186 see also global financial and economic crisis liberal democracy 47 Lisbon Treaty 66, 174 Lithuania: admitted to United Nations 239; citizens’ attachment to the EU 73; entering ERM II 23; EU membership 23; euro accession 248; Eurozone membership 23, 65; exces sive deficit procedures for 91; foreign direct
investment inflows 90; GDP per capita 22; government consolidated gross debt 21; government deficit/surplus of 21; intra-EU-28 trade 107, 108; macroeconomic policies 9; macroeconomic regimes 239; real GDP growth rate changes 87; see also Baltic states locomotive theory 30 Luxembourg 107,108 Luxembourg European Council 13 Klaus, Vacláv 65-66, 217 Kohl, Helmut 29, 31 Kuciak, Jan 50, 177 Kušnírová, Martina 177 Maastricht criteria 19-20, 30, 32, 60, 277 Maastricht Summit 13 Malta 24n4, 107, 108 Matolcsy, György 68, 267 Matovič, Igor 178 Mečiar, Vladimír 63 Medgyessy, Péter 68 Merkel, Angela 32-33 Mitterrand, François 29 Morawiecki, Mateusz 67 multiple identities 58-59, 72 Lafontaine, Oskar 31 Lajčák, Miroslav 34 Latvia: admitted to United Nations 239; citizens’ attachment to the EU 73; economic crisis management policies 93; EMU support 73; entering ERM II 23; EU membership 23; euro accession 64-65, 248; on euro as identity symbol 75; Eurozone membership 23; excessive deficit Narodowy Bank Polski (NBP) 186, 190-191 National Bank of Romania 267 National Bank of Slovakia 168, 170, 172-173 National Coordination Group for the Euro Adoption in Czech Republic 217 national currencies: collective identities and 57; Deutsche Mark 60; koruna 17-18,17, 63, 170, 172-173, 219, 227; Janša, Janez 62 Japan 106 Jospin, Lionel 30 judicial systems, separation of 12 Juncker, Jean-Claude 232n3 Justice Scoreboard 42
286 Index kroon 64, 239; as national identity 57, 231; zloty 186-189, 194; see also euro national symbols 57-58 Nations in Transit (NiT) project 45-46 Netherlands 107, 108 New Hanseatic Group 232nll Nixon, Richard 27 non-Eurozone members: attitudes toward euro 110; foreign-controlled enterprises’ value creation 105; international trade flows 105; opting into Banking Union 117 Nordea ІЗЗпЗ North Atlantic Treaty Organization (NATO) 67, 166, 199, 240 Norway 106 optimal currency areas (OCA) theory 185 optimum currency area (OCA) theory 241-242, 249-250 Orban, Ludovic 71, 264 Orbán, Viktor 68-69 ordoliberal stability union 34 Organisation for Economic Co-operation and Development (OECD) 166, 199 OTP Bank 120 output recession 88, 94 Partidul National Liberal (PNL) 264, 265 Partidul Social Democrat (PSD) 264, 265, 266 People’s Republic of China 106 Plevneliev, Rosen 128 pluralist parliamentary democracy 12 Počiatek, Ján 63 Poland: asset price bubbles 193; asset purchases 192; banking policies 125; banking sector’s Z-score 124՛, banking system 131; Banking Union opt-in/ opt-out choice 131; CEFTA agreement 12; citizens’ attachment to the EU 73; debt securities 192; dynamic stochastic general equilibrium model (DSGE) 187; economic crisis impact on 247-248; EMU support 73; EU membership 13, 23; euro adoption debate 8, 67-68, 74, 75, 100; on euro as identity symbol 75; euro risks/benefits analysis 185-186; Eurozone membership debate 66-68; excessive deficit procedures for 91; exchange rate adjustment mechanism 187-189; exports 257; external debt rate 201; extra-EA-19 trade 106;
floating exchange rate and 186-190; foreign direct investment inflows 90; GDP growth rates 187; GDP per capita 22, 225; global financial and economic crisis and 67, 86; global value chains 188-190; government and ruling political parties of 69; government consolidated gross debt 21; gross domestic product growth 100; Grubel-Lloyd index 189; house price bubble probability 192-193; interest rates reduction 191; intra-EU-28 trade 107, 108; labour market adjustment mechanism 185; Maastricht criteria and 186; Monetary Policy Council 190, 191; monetary policy effectiveness 190-194; Narodowy Bank Polski (NBP) 186; as NATO member 67; NBP reference rates 190-191; non-performing loans to total loans 124; private credit 122; productivity 203; public debt-to-GDP ratios 190; quality of democracy 5; quantitative easing (QE) programmes 191-192, 193-194; real GDP growth rate changes 87; trade flows 188-189; wage levels 228; złoty depreciation 186-189, 194; see also Visegrad Group polyarchy theory 44 Portugal: intra-EU-28 trade 107, 108; wage levels 228 post-factualism 207 post-socialist transition 4, 11-14 Prodi, Romano 31-32 public debt-to-GDP ratios 91, 94 quality of democracy see democratic quality quantitative easing (QE) programmes 191-192 quantophrenia 205 Radičová, Iveta 34, 63-64 renationalization 36 Republic of Korea 106 Romania: banking sector’s Z-score 124; banking system 131; Banking Union opt-in/opt-out choice 131-132; citizens’ attachment to the EU 73; Commission for the Adoption of the
Index 287 Euro 262; economie crisis manage ment policies 92; EMU support 73; EU membership 13, 23; euro accession debate 9, 70-71, 262-268; on euro as identity symbol 75; euro as synonymous with EU 74; Eurozone crisis and 268; excessive deficit procedures for 91; exports 257; extra-EA-19 trade 106; foreign direct investment inflows 255-256; GDP per capita 22, 225՛, government consolidated gross debt 21; IMF bailout conditions 259; inflation rates 16; intra-EU-28 trade 107,108; long-term interest rates 263; National Bank of Romania 267; non-performing loans to total loans 124, 131; Partidul National Liberal (PNL) 264, 265; Partidul Social Democrat (PSD) 264, 265, 266; population inequality 261; price stability criterion 263; private credit 122; purchasing power parity 256; real convergence criteria 264-265; real GDP growth rate changes 86, 87; subnational regional disparities 256-257 runaway economics 205-209 Russian Federation 106 Saudi Arabia 106 Schmidt, Helmut 28 Schröder, Gerhard 31 shared sovereignty 42-44, 50, 51 Sikorski, Radosław 34 simulacrum 205-210 Single Resolution Board (SRB) 117, 119-120 Single Resolution Fund (SRF) 117, 120, 230 Single Resolution Mechanism (SRM) 116-117, 119 Single Supervisory Mechanism (SSM) 116-117 Slovakia 7-8; citizens’ attachment to the EU 73; coalition government 178; corruption scandals 176-177; debt-toGDP ratios 180; Dzurinda government 166, 172; economic crisis management policies 93; economic growth 166-167; entering ERM II 23; EU core 175-176; EU membership 13, 23; euro adoption strategies of 63; euro’s economic impact on 179;
euro support 168-173; Eurozone membership 23, 24n5; Eurozone membership debate 66; excessive deficit procedures for 91; export-toGDP ratio 168; external debt rate 201; fast track to Eurozone membership 63; Fico government 167-168, 172, 174-176; fiscal populism 175; flat tax reform 166; foreign direct investment inflows 90, 167; fulfilling Maastricht convergence criteria 172; GDP per capita 22, 225; government consolidated gross debt 21; household credit growth 179; intra-EU-28 trade 107, 108; koruna, depreciation of 172-173; labour market conditions 170-171; macroeconomic indicators 169; as NATO member 166; as Organisation for Economic Co-Operation and Development member 166; pinning conversion rate 170; productivity 203; pro-European consensus 171-172; Radicova government 174; real GDP growth rate changes 87; refusing Greek bailout 174; retirement age cap 167, 18ԽՅ; single currency adoption 8; Smer-sociálna demokracia (Smer-SD) 165, 176-177; standard market economy transformation 166; as ‘Tatra tiger’ 167; trade relations 168-170; wage levels 228; see also Visegrad Group Slovenia 7, 8; adopted tax policies 162; banking operations 162-163, 164; citizens’ attachment to the EU 73; consumer confidence 144-145,145; contraction phase 148-149; deepening recession 149-150; democracy struggles 49-50; economic crisis management policies 93; economic size 140-141; effective demand elements 142-144, 143; EMU support 73; entering ERM II 23; EU membership 13, 23; euro adoption strategies of 62; on euro as identity symbol 75; Eurozone membership 23; excessive deficit procedures for 91;
exchange rate policies 161-162; expansionary phases 141-144; export and import dynamics 144-146, 146; exports 160; external debt dynamics 142; external indebtedness 163-164; foreign direct investment inflows 90;
288 Index Treaty of Amsterdam 41 Treaty of Lisbon 41-Л2 Treaty of Rome 1957 27 Treaty on Stability, Coordination and Governance in the Economic and Monetary Union 33 Tricolour Citizens’ Movement 220 Tsanova, Iliyana 261 Turkey 106 Tusk, Donald 66 GDP per capita 22, 225; general government deficit 145; government consolidated gross debt 21; government spending 147-148; gross external debt 143; gross investments 144; household consumption 146-147, 147, 149, 150; indebtedness 22; inflation rates 144; international trade flows 159-160; intra-EU-28 trade 107, 108; key indicators 141; land size 140, 159; macroeconomic policies 140; monetary integration in 160-161; private consumption 145; real GDP growth rates 87, 141, 142; rmemployment rates 142, 148-149; wage levels 228 Smer-sociálna demokracia (Smer-SD) 165, 176-177 social packages 175 Socol, Cristian 266 Soros, George 178 sovereignty see shared sovereignty Spain 107, 108 Spicar, Radek 226 Bramko, Ivan 172-173 Stability and Growth Pact (SGP) 5, 30, 35-36, 139-140 Strauss-Kahn, Dominque 31 Sweden 106, 107, 108, 118 Switzerland 106 Werner, Pierre 27 Werner Plan 27, 59 tax dumping 166 transformation crisis 83 Zeman, Miloš 217 Z-scores 123,124, 133n8 United Kingdom: Brexit 3, 36, 118, 218-219, 222-223, 278; extra-EA-19 trade 106; intra-EU-28 trade 107, 108 United States 106 value added chains 108-109 Varga, Mihály 68 Varieties of Democracy (V-Dem) 46, 47 Neaoy, Grigorii 261 Vienna Initiative 124-125, 133-134nlO Visegrad Group 8, 70, 77, 93-94, 105, 211 see also Czechia (Czech Republic), Hungary, Poland, Slovakia von der Leyen
Commission 277 voucher privatization 83 Vujcic, Boris 71 Bayerisch·
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Contents List offigures List of tables List of contributors Preface vii x xi xviii PART I Horizontal issues 1 1 Seventeen years in the European Union: The questions of monetary integration in Central and Eastern Europe 3 KRISZTINA ARATÓ, BOGLÁRKA KOLLER AND ANITA PELLE 2 International political economy and Eurozone membership of post-transition economies: A theoretical framework 11 ANITA PELLE 3 Eurozone membership, economic and political gains and losses 27 CHRISTIAN SCHWEIGER 4 Are democratic backsliding and staying out of the Eurozone interconnected? 40 KRISZTINA ARATÓ AND ISTVÁN BENEDEK 5 The euro and the collective identities of Central and Eastern European nationals 56 BOGLÁRKA KOLLER 6 The global and the Eurozone crises and their effects on Central and Eastern Europe’s economic performance GABRIELLA TABAJDI AND MARCELL ZOLTÁN VÉGH 82
vi Contents 7 Companies in Central and Eastern Europe and Eurozone membership: An attempt at a microeconomic analysis 99 MARTA GÖTZ AND BARBARA JANKOWSKA 8 The Banking Union and the Central and Eastern European countries 116 KATALIN MÉRŐ PART И Country studies 9 Eurozone integrational project assessment: Economic lessons from Slovenia and Croatia 137 139 MAKS TAJNIKAR, PETRA DOŠENOVIĆ BONČA AND IVAN RUBINIĆ 10 Slovakia in the Eurozone: Tatra tiger or mafia state inside the elite club? 165 ZSOLT GÁL AND DARINA MALOVÁ 11 Poland and euro adoption: From integration-driven enthusiasm to post-pandemic uncertainty 184 JAKUB BOROWSKI 12 The Elungarian eurolessness: From eulogy to neutrality and beyond 198 OLIVÉR KOVÁCS 13 The Czech Republic and the euro: Not now, or not ever? 216 VLADAN HODULÁK AND ZDENĚK SYCHRA 14 The Baltic states and the Eurozone 238 MAGNUS FELDMANN AND VYTAUTAS KUOKŠTIS 15 A tale of two peripheries: The euro accession in Bulgaria and Romania 255 CORNEL BAN AND CLARA VOLINTIRU 16 Central and Eastern Europe and the euro in the 2020s: What is on the horizon? 275 KRISZTINA ARATÓ, BOGLÁRKA KOLLER AND ANITA PELLE Index 280
Index Page numbers in italics and bold indicate Figures and Tables, respectively. Albright, Madeleine 165 Algeria 106 Ansip, Andrus 64, 246-247 Association Agreements 239 Austria: intra-EU-28 trade 107, 108; wage levels 228 Babiš, Andrej 217, 219-220 backsliding see democratic backsliding, institutional backsliding Bajnai, Gordon 68 Balassa-Samuelson effect 229 Balgarska Narodna Banka (BNB) 261 Baltic states: access to European Common Market 239-240; austerity/ internal devaluation strategy 250; competition between 240; economic crisis management policies 93; economic flexibility 249-250; euro accession debate 241-244, 246-247; euro adoption preconditions 247; Europeanization pressures 242-243; Eurozone accession 64; global financial and economic crisis impacts on 244-248; government deficit/ surplus of 2/; inflation rates 245; Maastricht criteria fulfilment 244; macroeconomic policies 239-240; political economies’ future prospects 249-251; productivity growth 250; public sector surplus/deficits 246; real GDP contraction 244; real GDP growth rates 86, 245; as UN’s geographic security 240; see also Estonia, Latvia, Lithuania banking nationalism 118, 125, 130, 133 banking sector (CEE-6 countries): asset quality of 121-123; concentration and competitiveness of 121, 122; loan-todeposit ratio 120-121, 121; non-performing loans 121-123; non performing loans to total loans 124; OTP Bank 120; private credit 122; profitability of 121; return on equity 121,123; Z-scores 123,124, 133n8; see also Banking Union (BU) Banking Union (BU) 7; attitudes and arguments 117-118, 125-127;
binding technical standards 117; goal of 116; non-Eurozone members opt-in 117; opt-in/opt-out choice 125-127, 126-127; participation restrictions 132; pillars of 116-117; position on joining, by country 118; Single Rulebook 117; supervisory authority 116-117, 118-119; supervisory mechanism 42 Baudrillard, Jean 206, 209 Belgium 107, 108 Borisov, Boyko 261-262 Borissov, Boyko 70 Brazil 106 Bretton Woods System 27 Brexit 3, 36, 118, 218-219, 222-223, 278 Bulgaria: banking sector’s Z-score 123, 124; Banking Union opt-in/opt-out choice 127-128; citizens’ attachment to the EU 73; Commission for the Adoption of the Euro 259; COVID-19 pandemic and 261-262; credit rating tied to euro adoption 261; currency board 259-260; demand regime 256; economic crisis management policies
Index 281 92-93; economic stability 269; EMU support 73; entering ERM II 19, 23, 128, 259; EU membership 13, 23; euro accession debate 9, 70, 74, 75, 112-113; euro accession process 258-262; on euro as identity symbol 75; European Central Bank and 128; excessive deficit procedures for 91; exports 257, 260; foreign direct investment inflows 255-256; GDP deflation 260; GDP per capita 22, 225՛, government consolidated gross debt 21; hyperinflationary shock 259-260; IMF bailout conditions 259; intra-EU-28 trade 107, 108; non-performing loans 121; non-performing loans to total loans 124; pegged currency 260; population inequality 261; private credit 122; purchasing power parity 256; real GDP growth rate changes 86, 87; subnational regional disparities 256-257 Bulgarian Industrial Association (BIA) 112-113 Bundesbank 29-30 Butkevičius, Algirdas 65 Calabrian mafia 177 Canada 106 central bank independence 15 Central European Free Trade Agreement (CEFTA) 12, 24nl Chamberlain, Neil W. 210 China 106 Chirac, Jacques 31 Christian Democrats 220 Cîțu, Vaile-Florin 265-266, 270nl5 Civic Democratic Party 220 common currency see national currencies Communist Party of Bohemia and Moravia 220 conditionality principle 41 consolidated democracies 45-46 Copenhagen criteria 12-13, 34-35 Copenhagen Summit 4 corona (COVID-19) pandemic: broken supply chains and 190; Bulgaria and 261-262; consequences of 178; creating indebtedness 22; as economic crisis management test 278; effectiveness of countercyclical monetary policies 193-194; European Commission and 276-277; Eurozone membership in post- 278;
Poland and 184, 188, 191-194; Romania and 267; zloty depreciation 188 coronation theory 30, 193 corporations: alternative competitive advantages 102; capital access 102; competitiveness 101; economies of scale 103; euro adoption impact on 104; Eurozone membership impact on 101-103, 102-103; exchange rates and 102; extra-EA-19 trade 106; global value chains 103; intra-EU trade and 105-107, 107, 108; outward foreign investments 103; redistribution and 104; trade and 103; transaction costs 103 Council for Budget Responsibility (CBR) 174 COVID-19 see corona (COVID-19) pandemic Croatia: adopted tax policies 162; banking operations 162-163; banking sector’s Z-score 124; Banking Union opt-in/opt-out choice 128-129; budget deficit 157; citizens’ attachment to the EU 73; consumer confidence 154; contraction phase 157; economic crisis management policies 93; economic cycle 150-151, 159; economic size 140; effective demand elements 152; EMU support 73; entering ERM II 19, 23, 129; EU membership 13, 23; euro accession debate 8, 71, 74; on euro as identity symbol 75; excessive deficit procedures for 91; exchange rate policies 161-162; exchange rates 157-158; export and import dynamics 151; exports 153-154, 156, 158, 160; export-to-effective-demand ratio 159; GDP growth 150; GDP growth rates 151; GDP per capita 22; government consolidated gross debt 21; government revenues 155, 155, 156; government spending 155, 156; gross external debt 151-153, 152, 155; household consumption 154,154, 156, 157, 158; inflation rates 144; international trade flows 159-160; intra-EU-28 trade 107, 108;
investments 151-153, 153, 157; key indicators 141; land size 140, 159; macroeconomic policies 140; monetary integration in 160-161;
282 Index non-performing loans 121; non-performing loans to total loans 124; private consumption 154; private credit 122; real GDP growth rates 86, 87, 152; trade imbalances 153, 155, 157-158; unemployment rates 150-151, 151, 153 currencies see national currencies currency exchange rates 27-28, 110, 111, 111, 112, 187-189 currency unions 18-19, 60-61, 66, 72, 104, 241, 276-277 Cyprus 24n4, 107, 108 Czech Confederation of Industry 112 Czechia (Czech Republic) 8; account balance 226; anti-EU sentiments 76; attitudes on euro adoption 218-221, 218; banking policies 125; banking sector’s Z-score 123,124; banking system 129; Banking Union impact study 129-130; business sector 220-221, 227; citizens’ attachment to the EU 73; commuters 229; debt-toGDP ratios 224; economic crisis impact on 247-248; economic crisis management policies 92; economic fundamentals 224-225; EMU support 73; EU membership 13, 23; euro accession debate 9, 74, 112, 217-224, 221; euro adoption plan 216-217; on euro as identity symbol 75; euro dominated corporate debt 227; Euroscepticism 76, 277; Eurozone dependency 226; Eurozone membership debate 65-66; excessive deficit procedures for 91; external debt rate 201; extra-EA-19 trade 106; Fiscal Compact and 223-224; foreignborn population 232nl4; foreign direct investment inflows 90; free riding policy 231; GDP per capita 22, 225; government budget deficit 224; government consolidated gross debt 21; gross domestic product 18; income outflows 225; inflation rates 229; intra-EU-28 trade 107, 108; koruna, national sovereignty and 219; koruna’s exchange rate to
euro 17, 18; labour unions 228; non-performing loans 121; non-performing loans to total loans 124; price levels 229; private credit 122; productivity 203; public debt 230; real economic convergence 227-228; real GDP growth rate changes 87; wage levels 228-229, 228; see also Visegrad Group Czech-Moravian Confederation of Trade Unions 221 Czechoslovakia: CEFTA agreement 12; EU membership 13; voucher privatization 83; see also Czechia (Czech Republic), Slovakia Czech Pirate Party 220 Czech Social Democratic Party 220 Dăncilă, Viorica 70 Delors report 29 democracy indices: Economist Intelligence Unit 47-48; Freedom House, Nations in Transit 44-46; Varieties of Democracy 46 democratic backsliding 36, 40, 43^44, 276 democratic quality: Economist Intelligence Unit 47-48; of Eurozone members 46; Eurozone membership and 41-44, 48-51; Freedom House, Nations in Transit 44-46; in non-member countries 46; Varieties of Democracy (V-Dem) 46 democratization 35, 41, 43, 45 Denmark: Banking Union opt-in/opt-out choice 118; extra-EA-19 trade 106; intra-EU-28 trade 107, 108 Deutsche Mark 60 Dombrovskis, Valdis 64-65 dynamic stochastic general equilibrium model (DSGE) 187 Dzurinda, Mikuláš 63, 166 Economic and Monetary Union (EMU): convergence criterion bond yields 20; Delors report 29; disinflation and 15; divergence toward implementation 29-32; as diversity marker 60; fiscal criterion of joining 20-22; governance framework 222; identity-building project 59; launching of 276; macroeconomic implications entering 99-100; negative experiences of 261; reforms 223; shared sovereignty and 42-43;
support for one single currency 73 economic governance 42^43 Economist Intelligence Unit Democracy Index 47-48, 48 electoral democracy theory 45^16
Index 283 Estonia: admitted to United Nations 239; citizens’ attachment to the EU 73; economic crisis impact on 248; EMU support 73; entering ERM II 23; EU membership 23; on euro as identity symbol 75; Eurozone membership 23, 64; foreign direct investment inflows 90; GDP per capita 22; government consolidated gross debt 27; government deficit/surplus of 27; intra-EU-28 trade 107, 108; macroeconomic policies 9; national currency 239; national debt 240; real GDP growth rate changes 86, 87; see also Baltic states EU-15 countries 34-35, 84, 86, 193 EU-27 countries 109 EU-28 countries 27, 87, 219 EUR-19 27 euro: attitudes and arguments 17-18, 218-221; collective identities and 60; commitment to 16; creating political convergence 59-60; as economic crisis ‘exit strategy’ 64, 246-247; for economic stability 22-23; European identity and 57; future of 36-37; as an identity symbol 57-58; as identity symbol 75; inflation rates effects 160; long-term effects of 185; national exchange rates changes 110; national sovereignty issue 219; non-Eurozone members support for 73-74; opinions on 219; public opinion on 71-75; stabilization of 32-33; as synonymous with EU 74; see also national currencies euroization 227 Europe Agreements 13, 239 European Banking Authority (EBA) 117 European Central Bank (ECB): banking operations interference 162; as Banking Union supervisory authority 42, 116-117, 118-119; Bulgaria and 128; Bundesbank and 29-30; decision making body 119; future of 277; Governing Council 119, 132; monetary policy of 171; on Romania’s preparedness 263; Supervisory Board 119 European
Commission: Annual Growth Survey 33; Catching Up Regions initiative 269-270n3; European Semester and 42; Juncker, Jean-Claude 232n3; Justice Scoreboard and 42; on Romania’s preparedness 263 European Community (EC): currency exchange rates 27; monetary integration in 28 European Council: Copenhagen criteria 12-13; summit 12 European Deposit Insurance Scheme (EDIS) 116-117 European Economic and Monetary Union see Economic and Monetary Union (EMU) European Exchange Rate Mechanism (ERM) 28 European Financial Stability Facility (EFSF) 33, 85, 174 European Fund for Strategic Investments (EFSI) 261 European identity 5, 57-59, 71-75 Europeanization 4, 19, 50, 242-243 European Monetary System (EMS) 28 European Semester 33, 42, 50 European Stability Mechanism (ESM) 33-34, 230 European System of Central Banks (ESCB) 15 European Union: citizens’ attachment to 72, 73; common identity, symbols for 57-58; differentiated integration in 276; Eastern enlargement 16, 23-24; economic governance 210; enlargement process 12-14; euro-centred exchange rate regime 18-19; Europeanization and 50; membership by country 23; political landscape of 277; political marginalization in 222 Euroscepticism 49, 65-66, 76, 125, 218-219, 222, 277 Eurozone: corporations and (See corporations); economic governance 42-43; European identity and 5; evolution of 5; governance framework 32-33; governance reform 5; institutional flaws 32-34; macroeconomic policy coordination 32; member/non-member differences 61-62; mission of 50; non-members 65-71; ordoliberal stability union for 34; private credit 122; reformed
governance mechanisms 34-36; Stability and Growth Pact (SGP) 5,
284 Index 30; see also Eurozone crisis, Eurozone membership Eurozone crisis: factors contributing to 85; of Greece 85; impact of 85-91; international trade and 88; intra-EU trade and 88-89; popular trust and 3-4; recovery from 88 Eurozone membership: business perspective 6; as ‘club within the club’ 56; corporations and (See corporations); by country 23; currency devaluation 16-17; democratic quality and 41-44; democratization and 43; economic policy challenges and 16-17; as economic project 76; euro adoption strategies of 62-65; external indebtedness influence 163-164; micro-perspective 101; in/out strategies 100-104; ‘pre-in’ states 100 Exchange Rate Mechanism (ERM) II 18-19, 23, 63 exchange rates see currency exchange rates Fico, Robert 63, 165, 167, 172-173, 177-178 Finland 107, 108 Fiscal Compact 33, 223-224 fiscal populism 175 flawed democracy 47 foreign direct investment (FDI): Bulgaria 255-256; by country 90; growth rates from 84; Poland 185; Romania 255-256; Slovakia 167 France 107, 108 ‘free and fair’ democracy 47 Freedom House, Nations in Transit 44-46, 45 free trade agreements 239 full democracies 48 Georgescu, Florin 70 Georgieva, Kristalina 261 German Basic Law 29 German Deutsche Mark (D-Mark) 27-29 German Foreign Chamber of Commerce 110 Germany: exports 257; intra-EU-28 trade 107, 108; wage levels 228 Giscard d’Estaing, Valéry 28 global financial and economic crisis: Banking Union (BU) 7; crisis management procedures 82, 91-94; cultural concerns 61; currency union and 60-61; euro as ‘exit strategy’ from 64; events leading up to 84-85; government deficits 91;
identity differentiations 61; impact of 85-91; interconnectedness of economies 84; mitigating impact of 91-94; outbreak of 24n5; Poland and 186; public debt-to-GDP ratios 91, 94; real GDP growth rate changes 86, 87; shaping attitudes to Eurozone membership 5; transmission channels 84-85; see also Lehman Brothers global value chains (GVCs) 103, 108-110, 188-190 government debt 20-22, 21 Great Recession see global financial and economic crisis Greece: Eurozone crisis and 85; intra-EU-28 trade 107, 108; pre-crisis debt levels 32; public deficit 31 Grubel-Lloyd index 189 Guga, Stefan 263-264 Gyurcsány, Ferenc 68 Helsinki European Council 13 Hungary: Bajnai government 202; banking policies 125; banking sector 130; banking sector’s Z-score 124՛, Banking Union opt-in/opt-out choice 130-131; as being ‘08/15’ 199, 212n3; CEFTA agreement 12; citizens’ attachment to the EU 73; debt-toGDP ratios 201; economic crisis management policies 93; economic governance 200-202, 206-208; as electoral authoritarian regime 51; EMU support 73; EU membership 13, 23,199, 277; euro accession debate 8-9, 74, 211-212; on euro as identity symbol 75; Eurozone accession agony 206; Eurozone membership debate 68-70; excessive deficit procedures for 91; exchange rate stability 204; exchange rate trends 18; exports 257; external debt rate 201; external indebtedness 200; extra-EA-19 trade 106; fiscal policy 212n2; foreign direct investment inflows 90; forint exchange rate 212n8; forint’s exchange rate to euro 19; GDP per capita 22, 225; globalization backlash 206; government consolidated gross debt
Index 21; gross debt-to-income ratios 201; higher education institutions attacks 209; illiberal democracy 208; indebtedness 22; intra-EU-28 trade 107, 108; labour laws 208-209; Maastricht criteria, compliance 199; macroeconomic fundamentals 204; Medgyessy administration 199; migration 212n5; non-performing loans to total loans 124; official currency 204; Orbán government 199; plebiscitary leadership 208-209; political budget cycles 199, 200; private credit 122; private sector debt 201; productivity 203; public debt-toGDP ratios 91; quality of democracy 5; real GDP growth rate changes 87; rebelling against Brussels 208; total factor productivity 202; as transitional regime 46; wage levels 228; workers’ remittances 202-203; see also Visegrad Group illiberal democracy 43, 208 India 106 institutional backsliding 40 institution building 14 Ireland 32, 107,108 IsKrescu, Mugur 263, 268 Italy: exports 257; intra-EU-28 trade 107, 108; public deficit 31 285 procedures for 91; foreign direct investment inflows 90; GDP per capita 22; government consolidated gross debt 21; government deficit/surplus of 21; intra-EU-28 trade 107, 108; macroeconomic policies 9; macroeconomic regimes 239; real GDP growth rate changes 86, 87; see also Baltic states Lehman Brothers 24n5, 84, 92, 186 see also global financial and economic crisis liberal democracy 47 Lisbon Treaty 66, 174 Lithuania: admitted to United Nations 239; citizens’ attachment to the EU 73; entering ERM II 23; EU membership 23; euro accession 248; Eurozone membership 23, 65; exces sive deficit procedures for 91; foreign direct
investment inflows 90; GDP per capita 22; government consolidated gross debt 21; government deficit/surplus of 21; intra-EU-28 trade 107, 108; macroeconomic policies 9; macroeconomic regimes 239; real GDP growth rate changes 87; see also Baltic states locomotive theory 30 Luxembourg 107,108 Luxembourg European Council 13 Klaus, Vacláv 65-66, 217 Kohl, Helmut 29, 31 Kuciak, Jan 50, 177 Kušnírová, Martina 177 Maastricht criteria 19-20, 30, 32, 60, 277 Maastricht Summit 13 Malta 24n4, 107, 108 Matolcsy, György 68, 267 Matovič, Igor 178 Mečiar, Vladimír 63 Medgyessy, Péter 68 Merkel, Angela 32-33 Mitterrand, François 29 Morawiecki, Mateusz 67 multiple identities 58-59, 72 Lafontaine, Oskar 31 Lajčák, Miroslav 34 Latvia: admitted to United Nations 239; citizens’ attachment to the EU 73; economic crisis management policies 93; EMU support 73; entering ERM II 23; EU membership 23; euro accession 64-65, 248; on euro as identity symbol 75; Eurozone membership 23; excessive deficit Narodowy Bank Polski (NBP) 186, 190-191 National Bank of Romania 267 National Bank of Slovakia 168, 170, 172-173 National Coordination Group for the Euro Adoption in Czech Republic 217 national currencies: collective identities and 57; Deutsche Mark 60; koruna 17-18,17, 63, 170, 172-173, 219, 227; Janša, Janez 62 Japan 106 Jospin, Lionel 30 judicial systems, separation of 12 Juncker, Jean-Claude 232n3 Justice Scoreboard 42
286 Index kroon 64, 239; as national identity 57, 231; zloty 186-189, 194; see also euro national symbols 57-58 Nations in Transit (NiT) project 45-46 Netherlands 107, 108 New Hanseatic Group 232nll Nixon, Richard 27 non-Eurozone members: attitudes toward euro 110; foreign-controlled enterprises’ value creation 105; international trade flows 105; opting into Banking Union 117 Nordea ІЗЗпЗ North Atlantic Treaty Organization (NATO) 67, 166, 199, 240 Norway 106 optimal currency areas (OCA) theory 185 optimum currency area (OCA) theory 241-242, 249-250 Orban, Ludovic 71, 264 Orbán, Viktor 68-69 ordoliberal stability union 34 Organisation for Economic Co-operation and Development (OECD) 166, 199 OTP Bank 120 output recession 88, 94 Partidul National Liberal (PNL) 264, 265 Partidul Social Democrat (PSD) 264, 265, 266 People’s Republic of China 106 Plevneliev, Rosen 128 pluralist parliamentary democracy 12 Počiatek, Ján 63 Poland: asset price bubbles 193; asset purchases 192; banking policies 125; banking sector’s Z-score 124՛, banking system 131; Banking Union opt-in/ opt-out choice 131; CEFTA agreement 12; citizens’ attachment to the EU 73; debt securities 192; dynamic stochastic general equilibrium model (DSGE) 187; economic crisis impact on 247-248; EMU support 73; EU membership 13, 23; euro adoption debate 8, 67-68, 74, 75, 100; on euro as identity symbol 75; euro risks/benefits analysis 185-186; Eurozone membership debate 66-68; excessive deficit procedures for 91; exchange rate adjustment mechanism 187-189; exports 257; external debt rate 201; extra-EA-19 trade 106;
floating exchange rate and 186-190; foreign direct investment inflows 90; GDP growth rates 187; GDP per capita 22, 225; global financial and economic crisis and 67, 86; global value chains 188-190; government and ruling political parties of 69; government consolidated gross debt 21; gross domestic product growth 100; Grubel-Lloyd index 189; house price bubble probability 192-193; interest rates reduction 191; intra-EU-28 trade 107, 108; labour market adjustment mechanism 185; Maastricht criteria and 186; Monetary Policy Council 190, 191; monetary policy effectiveness 190-194; Narodowy Bank Polski (NBP) 186; as NATO member 67; NBP reference rates 190-191; non-performing loans to total loans 124; private credit 122; productivity 203; public debt-to-GDP ratios 190; quality of democracy 5; quantitative easing (QE) programmes 191-192, 193-194; real GDP growth rate changes 87; trade flows 188-189; wage levels 228; złoty depreciation 186-189, 194; see also Visegrad Group polyarchy theory 44 Portugal: intra-EU-28 trade 107, 108; wage levels 228 post-factualism 207 post-socialist transition 4, 11-14 Prodi, Romano 31-32 public debt-to-GDP ratios 91, 94 quality of democracy see democratic quality quantitative easing (QE) programmes 191-192 quantophrenia 205 Radičová, Iveta 34, 63-64 renationalization 36 Republic of Korea 106 Romania: banking sector’s Z-score 124; banking system 131; Banking Union opt-in/opt-out choice 131-132; citizens’ attachment to the EU 73; Commission for the Adoption of the
Index 287 Euro 262; economie crisis manage ment policies 92; EMU support 73; EU membership 13, 23; euro accession debate 9, 70-71, 262-268; on euro as identity symbol 75; euro as synonymous with EU 74; Eurozone crisis and 268; excessive deficit procedures for 91; exports 257; extra-EA-19 trade 106; foreign direct investment inflows 255-256; GDP per capita 22, 225՛, government consolidated gross debt 21; IMF bailout conditions 259; inflation rates 16; intra-EU-28 trade 107,108; long-term interest rates 263; National Bank of Romania 267; non-performing loans to total loans 124, 131; Partidul National Liberal (PNL) 264, 265; Partidul Social Democrat (PSD) 264, 265, 266; population inequality 261; price stability criterion 263; private credit 122; purchasing power parity 256; real convergence criteria 264-265; real GDP growth rate changes 86, 87; subnational regional disparities 256-257 runaway economics 205-209 Russian Federation 106 Saudi Arabia 106 Schmidt, Helmut 28 Schröder, Gerhard 31 shared sovereignty 42-44, 50, 51 Sikorski, Radosław 34 simulacrum 205-210 Single Resolution Board (SRB) 117, 119-120 Single Resolution Fund (SRF) 117, 120, 230 Single Resolution Mechanism (SRM) 116-117, 119 Single Supervisory Mechanism (SSM) 116-117 Slovakia 7-8; citizens’ attachment to the EU 73; coalition government 178; corruption scandals 176-177; debt-toGDP ratios 180; Dzurinda government 166, 172; economic crisis management policies 93; economic growth 166-167; entering ERM II 23; EU core 175-176; EU membership 13, 23; euro adoption strategies of 63; euro’s economic impact on 179;
euro support 168-173; Eurozone membership 23, 24n5; Eurozone membership debate 66; excessive deficit procedures for 91; export-toGDP ratio 168; external debt rate 201; fast track to Eurozone membership 63; Fico government 167-168, 172, 174-176; fiscal populism 175; flat tax reform 166; foreign direct investment inflows 90, 167; fulfilling Maastricht convergence criteria 172; GDP per capita 22, 225; government consolidated gross debt 21; household credit growth 179; intra-EU-28 trade 107, 108; koruna, depreciation of 172-173; labour market conditions 170-171; macroeconomic indicators 169; as NATO member 166; as Organisation for Economic Co-Operation and Development member 166; pinning conversion rate 170; productivity 203; pro-European consensus 171-172; Radicova government 174; real GDP growth rate changes 87; refusing Greek bailout 174; retirement age cap 167, 18ԽՅ; single currency adoption 8; Smer-sociálna demokracia (Smer-SD) 165, 176-177; standard market economy transformation 166; as ‘Tatra tiger’ 167; trade relations 168-170; wage levels 228; see also Visegrad Group Slovenia 7, 8; adopted tax policies 162; banking operations 162-163, 164; citizens’ attachment to the EU 73; consumer confidence 144-145,145; contraction phase 148-149; deepening recession 149-150; democracy struggles 49-50; economic crisis management policies 93; economic size 140-141; effective demand elements 142-144, 143; EMU support 73; entering ERM II 23; EU membership 13, 23; euro adoption strategies of 62; on euro as identity symbol 75; Eurozone membership 23; excessive deficit procedures for 91;
exchange rate policies 161-162; expansionary phases 141-144; export and import dynamics 144-146, 146; exports 160; external debt dynamics 142; external indebtedness 163-164; foreign direct investment inflows 90;
288 Index Treaty of Amsterdam 41 Treaty of Lisbon 41-Л2 Treaty of Rome 1957 27 Treaty on Stability, Coordination and Governance in the Economic and Monetary Union 33 Tricolour Citizens’ Movement 220 Tsanova, Iliyana 261 Turkey 106 Tusk, Donald 66 GDP per capita 22, 225; general government deficit 145; government consolidated gross debt 21; government spending 147-148; gross external debt 143; gross investments 144; household consumption 146-147, 147, 149, 150; indebtedness 22; inflation rates 144; international trade flows 159-160; intra-EU-28 trade 107, 108; key indicators 141; land size 140, 159; macroeconomic policies 140; monetary integration in 160-161; private consumption 145; real GDP growth rates 87, 141, 142; rmemployment rates 142, 148-149; wage levels 228 Smer-sociálna demokracia (Smer-SD) 165, 176-177 social packages 175 Socol, Cristian 266 Soros, George 178 sovereignty see shared sovereignty Spain 107, 108 Spicar, Radek 226 Bramko, Ivan 172-173 Stability and Growth Pact (SGP) 5, 30, 35-36, 139-140 Strauss-Kahn, Dominque 31 Sweden 106, 107, 108, 118 Switzerland 106 Werner, Pierre 27 Werner Plan 27, 59 tax dumping 166 transformation crisis 83 Zeman, Miloš 217 Z-scores 123,124, 133n8 United Kingdom: Brexit 3, 36, 118, 218-219, 222-223, 278; extra-EA-19 trade 106; intra-EU-28 trade 107, 108 United States 106 value added chains 108-109 Varga, Mihály 68 Varieties of Democracy (V-Dem) 46, 47 Neaoy, Grigorii 261 Vienna Initiative 124-125, 133-134nlO Visegrad Group 8, 70, 77, 93-94, 105, 211 see also Czechia (Czech Republic), Hungary, Poland, Slovakia von der Leyen
Commission 277 voucher privatization 83 Vujcic, Boris 71 Bayerisch· |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author2 | Arató, Krisztina Koller, Boglárka 1974- Pelle, Anita 1975- |
| author2_role | edt edt edt |
| author2_variant | k a ka b k bk a p ap |
| author_GND | (DE-588)1281120499 (DE-588)118827242X (DE-588)1236853636 |
| author_facet | Arató, Krisztina Koller, Boglárka 1974- Pelle, Anita 1975- |
| building | Verbundindex |
| bvnumber | BV048643078 |
| classification_rvk | QM 430 |
| contents | Part I. Horizontal issues -- Seventeen years in the European Union : the questions of monetary integration in Central and Eastern Europe / Krisztina Arató, Boglárka Koller and Anita Pelle -- International political economy and Eurozone membership of post-transition ceonomies : a theoretical framework / Anita Pelle -- Eurozone membership, economic and political gains and losses / Christian Schweiger -- Are democratic backsliding and staying out of the Eurozone interconnected? / Krisztina Arató and István Benedek -- The euro and the collective identities of Central and Eastern European nationals / Boglárka Koller -- The global and the Eurozone crises and their effects on Central and Eastern Europe's economic performance / Gabriella Tabajdi and Marcell Zoltán Végh -- Companies in Central and Eastern Europe and Eurozone membership : an attempt at a microeconomic analysis / Marta Götz and Barbara Jankowska -- The Banking Union and the Central and Eastern European countries / Katalin Mérő -- Part II. Country studies -- Eurozone integrational project assessment : economic lessons from Slovenia and Croatia / Maks Tajnikar, Petra Došenović Bonča and Ivan Rubinić -- Slovakia in the Eurozone : tatra tiger or mafia state inside the elite club? / Zsolt Gál and Darina Malová -- Poland and euro adoption : from integration-driven enthusiasm to post-pandemic uncertainty / Jakub Borowski -- The Hungarian eurolessness : from eulogy to neutrality and beyond / Olivér Kovács -- The Czech Republic and the euro : not now, or not ever? / Vladan Hodulák and Zdeněk Sychra -- The Baltic states and the Eurozone / Magnus Feldmann and Vytautas Kuokštis -- A tale of two peripheries : the euro accession in Bulgaria and Romania / Cornel Ban and Clara Volintiru -- Central and Eastern Europe and the euro in the 2020s : what is on the horizon? / Krisztina Arató, Boglárka Koller and Anita Pelle |
| ctrlnum | (OCoLC)1237246504 (DE-599)BVBBV048643078 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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Horizontal issues -- Seventeen years in the European Union : the questions of monetary integration in Central and Eastern Europe / Krisztina Arató, Boglárka Koller and Anita Pelle -- International political economy and Eurozone membership of post-transition ceonomies : a theoretical framework / Anita Pelle -- Eurozone membership, economic and political gains and losses / Christian Schweiger -- Are democratic backsliding and staying out of the Eurozone interconnected? / Krisztina Arató and István Benedek -- The euro and the collective identities of Central and Eastern European nationals / Boglárka Koller -- The global and the Eurozone crises and their effects on Central and Eastern Europe's economic performance / Gabriella Tabajdi and Marcell Zoltán Végh -- Companies in Central and Eastern Europe and Eurozone membership : an attempt at a microeconomic analysis / Marta Götz and Barbara Jankowska -- The Banking Union and the Central and Eastern European countries / Katalin Mérő -- Part II. Country studies -- Eurozone integrational project assessment : economic lessons from Slovenia and Croatia / Maks Tajnikar, Petra Došenović Bonča and Ivan Rubinić -- Slovakia in the Eurozone : tatra tiger or mafia state inside the elite club? / Zsolt Gál and Darina Malová -- Poland and euro adoption : from integration-driven enthusiasm to post-pandemic uncertainty / Jakub Borowski -- The Hungarian eurolessness : from eulogy to neutrality and beyond / Olivér Kovács -- The Czech Republic and the euro : not now, or not ever? / Vladan Hodulák and Zdeněk Sychra -- The Baltic states and the Eurozone / Magnus Feldmann and Vytautas Kuokštis -- A tale of two peripheries : the euro accession in Bulgaria and Romania / Cornel Ban and Clara Volintiru -- Central and Eastern Europe and the euro in the 2020s : what is on the horizon? / Krisztina Arató, Boglárka Koller and Anita Pelle</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"The idea of this volume comes from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question 'why in, why out?' remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010-13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amidst the economic crisis caused by the coronavirus COVID-19 pandemic. At the same time, the three Visegrad countries still using their national currencies - Poland, Czechia and Hungary - no longer have a target date to join the monetary union. 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| genre_facet | Aufsatzsammlung |
| geographic | Osteuropa (DE-588)4075739-0 gnd Eurozone (DE-588)7553526-9 gnd |
| geographic_facet | Osteuropa Eurozone |
| id | DE-604.BV048643078 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T21:18:15Z |
| indexdate | 2024-07-10T09:44:53Z |
| institution | BVB |
| isbn | 9781032034676 9780367202774 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034017968 |
| oclc_num | 1237246504 |
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| owner | DE-12 DE-521 |
| owner_facet | DE-12 DE-521 |
| physical | xix, 288 Seiten Diagramme |
| psigel | BSB_NED_20230503 |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Routledge, Taylor & Francis Group |
| record_format | marc |
| series2 | Europa perspectives on the EU single market |
| spelling | The political economy of the Eurozone in Central and Eastern Europe why in, why out? edited by Krisztina Arató, Boglárka Koller and Anita Pelle London ; New York Routledge, Taylor & Francis Group 2022 xix, 288 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Europa perspectives on the EU single market Part I. Horizontal issues -- Seventeen years in the European Union : the questions of monetary integration in Central and Eastern Europe / Krisztina Arató, Boglárka Koller and Anita Pelle -- International political economy and Eurozone membership of post-transition ceonomies : a theoretical framework / Anita Pelle -- Eurozone membership, economic and political gains and losses / Christian Schweiger -- Are democratic backsliding and staying out of the Eurozone interconnected? / Krisztina Arató and István Benedek -- The euro and the collective identities of Central and Eastern European nationals / Boglárka Koller -- The global and the Eurozone crises and their effects on Central and Eastern Europe's economic performance / Gabriella Tabajdi and Marcell Zoltán Végh -- Companies in Central and Eastern Europe and Eurozone membership : an attempt at a microeconomic analysis / Marta Götz and Barbara Jankowska -- The Banking Union and the Central and Eastern European countries / Katalin Mérő -- Part II. Country studies -- Eurozone integrational project assessment : economic lessons from Slovenia and Croatia / Maks Tajnikar, Petra Došenović Bonča and Ivan Rubinić -- Slovakia in the Eurozone : tatra tiger or mafia state inside the elite club? / Zsolt Gál and Darina Malová -- Poland and euro adoption : from integration-driven enthusiasm to post-pandemic uncertainty / Jakub Borowski -- The Hungarian eurolessness : from eulogy to neutrality and beyond / Olivér Kovács -- The Czech Republic and the euro : not now, or not ever? / Vladan Hodulák and Zdeněk Sychra -- The Baltic states and the Eurozone / Magnus Feldmann and Vytautas Kuokštis -- A tale of two peripheries : the euro accession in Bulgaria and Romania / Cornel Ban and Clara Volintiru -- Central and Eastern Europe and the euro in the 2020s : what is on the horizon? / Krisztina Arató, Boglárka Koller and Anita Pelle "The idea of this volume comes from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question 'why in, why out?' remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010-13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amidst the economic crisis caused by the coronavirus COVID-19 pandemic. At the same time, the three Visegrad countries still using their national currencies - Poland, Czechia and Hungary - no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region"-- Mitgliedschaft (DE-588)4135885-5 gnd rswk-swf Beitritt (DE-588)4120988-6 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf Eurozone (DE-588)7553526-9 gnd rswk-swf Europe, Central / Economic policy / 1989- Europe, Central / Economic conditions / 1989- Europe, Eastern / Economic policy / 1989- Europe, Eastern / Economic conditions / 1989- Eurozone / Economic conditions / 21st century Zone euro / Conditions économiques / 21e siècle Since 1989 (DE-588)4143413-4 Aufsatzsammlung gnd-content Eurozone (DE-588)7553526-9 g Osteuropa (DE-588)4075739-0 g Beitritt (DE-588)4120988-6 s Mitgliedschaft (DE-588)4135885-5 s DE-604 Arató, Krisztina (DE-588)1281120499 edt Koller, Boglárka 1974- (DE-588)118827242X edt Pelle, Anita 1975- (DE-588)1236853636 edt Erscheint auch als Online-Ausgabe, ebk. 978-0-429-26141-1 Digitalisierung BSB München - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034017968&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung BSB München - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034017968&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Register // Gemischte Register |
| spellingShingle | The political economy of the Eurozone in Central and Eastern Europe why in, why out? Part I. Horizontal issues -- Seventeen years in the European Union : the questions of monetary integration in Central and Eastern Europe / Krisztina Arató, Boglárka Koller and Anita Pelle -- International political economy and Eurozone membership of post-transition ceonomies : a theoretical framework / Anita Pelle -- Eurozone membership, economic and political gains and losses / Christian Schweiger -- Are democratic backsliding and staying out of the Eurozone interconnected? / Krisztina Arató and István Benedek -- The euro and the collective identities of Central and Eastern European nationals / Boglárka Koller -- The global and the Eurozone crises and their effects on Central and Eastern Europe's economic performance / Gabriella Tabajdi and Marcell Zoltán Végh -- Companies in Central and Eastern Europe and Eurozone membership : an attempt at a microeconomic analysis / Marta Götz and Barbara Jankowska -- The Banking Union and the Central and Eastern European countries / Katalin Mérő -- Part II. Country studies -- Eurozone integrational project assessment : economic lessons from Slovenia and Croatia / Maks Tajnikar, Petra Došenović Bonča and Ivan Rubinić -- Slovakia in the Eurozone : tatra tiger or mafia state inside the elite club? / Zsolt Gál and Darina Malová -- Poland and euro adoption : from integration-driven enthusiasm to post-pandemic uncertainty / Jakub Borowski -- The Hungarian eurolessness : from eulogy to neutrality and beyond / Olivér Kovács -- The Czech Republic and the euro : not now, or not ever? / Vladan Hodulák and Zdeněk Sychra -- The Baltic states and the Eurozone / Magnus Feldmann and Vytautas Kuokštis -- A tale of two peripheries : the euro accession in Bulgaria and Romania / Cornel Ban and Clara Volintiru -- Central and Eastern Europe and the euro in the 2020s : what is on the horizon? / Krisztina Arató, Boglárka Koller and Anita Pelle Mitgliedschaft (DE-588)4135885-5 gnd Beitritt (DE-588)4120988-6 gnd |
| subject_GND | (DE-588)4135885-5 (DE-588)4120988-6 (DE-588)4075739-0 (DE-588)7553526-9 (DE-588)4143413-4 |
| title | The political economy of the Eurozone in Central and Eastern Europe why in, why out? |
| title_auth | The political economy of the Eurozone in Central and Eastern Europe why in, why out? |
| title_exact_search | The political economy of the Eurozone in Central and Eastern Europe why in, why out? |
| title_exact_search_txtP | The political economy of the Eurozone in Central and Eastern Europe why in, why out? |
| title_full | The political economy of the Eurozone in Central and Eastern Europe why in, why out? edited by Krisztina Arató, Boglárka Koller and Anita Pelle |
| title_fullStr | The political economy of the Eurozone in Central and Eastern Europe why in, why out? edited by Krisztina Arató, Boglárka Koller and Anita Pelle |
| title_full_unstemmed | The political economy of the Eurozone in Central and Eastern Europe why in, why out? edited by Krisztina Arató, Boglárka Koller and Anita Pelle |
| title_short | The political economy of the Eurozone in Central and Eastern Europe |
| title_sort | the political economy of the eurozone in central and eastern europe why in why out |
| title_sub | why in, why out? |
| topic | Mitgliedschaft (DE-588)4135885-5 gnd Beitritt (DE-588)4120988-6 gnd |
| topic_facet | Mitgliedschaft Beitritt Osteuropa Eurozone Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034017968&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034017968&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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