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Zsolt Darvas

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The global economic and financial crisis has raised further concerns about the euro-entry criteria, in addition to other factors, such as the effective tightening of the criteria due to the enlargement of the EU from 12 to 27 members, the highly unfavourable property of business cycle dependence, the internal inconsistency of the criteria due to the structural price level convergence of Central and Eastern European countries, and the continuous violation of the criteria by euro-area members. The interest rate criterion became a highly volatile measure. Many US metropolitan areas would fail to qualify to be members of the US monetary union by applying the currently used inflation criterion to the US. It is time to reform the criteria and to strengthen their economic rationale within the legal framework of the EU treaty. A good solution would be to relate all numerical criteria to the average of the euro area and simultaneously to extend the compliance period from the currently considered one year to a longer period.

  • Bruegel and WIIW (2010): Whither Growth in Central and Eastern Europe? Policy lessons for an integrated Europe, report written by T. Becker, D. Daianu, Z. Darvas, V. Gligorov, M. Landesmann, P. Petrovic, J. Pisani-Ferry, D. Rosati, A. Sapir and B. Weder Di Mauro, to appear as a Bruegel Blueprint.

  • Buiter, W. H. (2005): To purgatory and beyond; When and how should the accession countries from Central and Eastern Europe become full members of the EMU? In: Breuss, F. and Hochreiter, E. (eds), Challenges for Central Banks in an enlarged EMU. Springer-Verlag, New York, pp. 145–186.

    Buiter W. H. , '', in Challenges for Central Banks in an enlarged EMU , (2005 ) -.

  • Darvas, Z., Rose, A. K. and Szapáry, G. (2007): Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic. In: Frankel, J. A. and Pissarides, C. (eds): NBER International Seminar on Macroeconomics 2005. Cambridge, MA: MIT Press, pp. 261–298.

    Szapáry G. , '', in NBER International Seminar on Macroeconomics 2005 , (2007 ) -.

  • Darvas, Z. (2008): Should the crisis be the trigger for a reshaping of euro-area entry rules? VoxEU.org 11 November 2008.

  • Darvas, Z. (2009a): Treaty change is needed to make sense of euro-area entry criteria. VoxEU.org 23 July 2009.

  • Darvas, Z. (2009b): The Baltic challenge and euro area entry. Bruegel Policy Contribution 2009/13.

  • Darvas, Z. and Szapáry, G. (2008): Euro area enlargement and euro adoption strategies. European Economy — Economic Papers 304, Directorate-General for Economic and Financial Affairs, European Commission, Brussels. To appear as a chapter in: Buti, Marco, Deroose, S., Gaspar, V. and Martins, J. N. (eds), Euro — The First Decade. Cambridge University Press, forthcoming.

    Szapáry G. , '', in European Economy — Economic Papers 304 , (2008 ) -.

  • Darvas, Z. and Pisani-Ferry, J. (2008): Avoiding a new European divide. Bruegel Policy Brief 2008/10.

  • De Grauwe, P. (2009): The politics of the Maastricht convergence criteria. VoxEU.org 15 April 2009.

  • Égert, B., Halpern, L. and MacDonald, R. (2006): Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues. Journal of Economic Surveys 20(2): 257–324.

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  • Lewis, J. and Staehr, K. (2010): The Maastricht inflation criterion: What is the effect of European Union enlargement? Journal of Common Market Studies 48(3): 687–708.

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Editor-in-chief: Balázs SZENT-IVÁNYI

Co-Editors:

  • Péter MARTON (Corvinus University, Budapest)
  • István KÓNYA (Corvinus University, Budapest)
  • László SAJTOS (The University of Auckland)
  • Gábor VIRÁG (University of Toronto)

Associate Editors:

  • Tamás BOKOR (Corvinus University, Budapest)
  • Sándor BOZÓKI (Corvinus University Budapest)
  • Bronwyn HOWELL (Victoria University of Wellington)
  • Hintea CALIN (Babeş-Bolyai University)
  • Christian EWERHART (University of Zürich)
  • Clemens PUPPE (Karlsruhe Institute of Technology)
  • Zsolt DARVAS (Bruegel)
  • Szabina FODOR (Corvinus University Budapest)
  • Sándor GALLAI (Corvinus University Budapest)
  • László GULÁCSI (Óbuda University)
  • Dóra GYŐRFFY (Corvinus University Budapest)
  • György HAJNAL (Corvinus University Budapest)
  • Krisztina KOLOS (Corvinus University Budapest)
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  • Lacina LUBOR (Mendel University in Brno)
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  • Sergei IZMALKOV (MIT Economics)
  • Anita SZŰCS (Corvinus University Budapest)
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  • Zoltán LŐRINCZI (Ministry of Human Capacities)

Society and Economy
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2023  
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Society and Economy
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Society and Economy
Language English
Size B5
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1972
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per Year
1
Issues
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Founder Budapesti Corvinus Egyetem
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ISSN 1588-9726 (Print)
ISSN 1588-970X (Online)