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The Euro and Economic Stability

Focus on Central, Eastern and South-Eastern Europe Edited by Ewald Nowotny, Governor, Oesterreichische Nationalbank, Austria, Peter Mooslechner, Member, Governing Board and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria
The Euro and Economic Stability assesses the euro area’s merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view.

Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making.
Published in Association with Oesterreichische Nationalbank, Austria
Extent: 264 pp
Hardback Price: $128.00 Web: $115.20
Publication Date: 2010
ISBN: 978 1 84980 436 3
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  • Economics and Finance
  • Money and Banking
The Euro and Economic Stability assesses the euro area’s merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view.

Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making.

The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions’ special regional focus: Central, Eastern and South-Eastern Europe.
‘The Euro and Economic Stability sounds today like a question repeatedly asked in the EMU, in the countries aspiring to join it and in the whole region. This question is not only of academic, but also of practical importance. Distinguished contributors, both from academia and policymaking institutions, national and international, prove to us that the answer is not simple. Moreover, it depends on the initial exchange rate regime of a country and on the importance of euro (and other foreign currencies) for domestic financial markets. Reading this book, thus, gives a much better understanding how complex are all possible links between the euro and economic stability.’
– Marek Belka, President of the National Bank of Poland
Contributors: J. Almunia, A. Bénassy-Quéré, E. Berglof, A. Berthou, Z. Darvas, P. De Grauwe, V. Dubrovskiy, L. Fontagné, J. Hurník, A. Isakova, R. Jelašić, P. Mooslechner, E. Nowotny, F. Ohnsorge, N. Orlova, D. Ritzberger-Grünwald, M. Ross, S.S. Skrzypek, I. Šramko, H. Stepic, H. Stix, G. Surányi, Z. Tůma, G. Tumpel-Gugerell, D. Vávra
Contents:

Preface

The Academic View Up Front: Towards a New Macroeconomics
Paul De Grauwe

PART I: THE STABILITY MERITS OF THE EURO
1. The Euro’s Role on the World Stage
Joaquín Almunia

2. The Euro’s Contribution to Economic Stability in CESEE
Ewald Nowotny

PART II: A CASE FOR RAPID EURO ADOPTION?
3. Serbia: On the De-euroization Road to the Euro
Radovan Jelašić

4. A Case for Rapid Euro Adoption?
Sławomir S. Skrzypek

5. The Czech Republic on its Way to the Euro: A Stabilization Role of Monetary Policy Revisited
Jaromír Hurník, Zdeněk Tůma and David Vávra

6. Preparing for Euro Adoption
Gertrude Tumpel-Gugerell

PART III: THE EURO AREA – A SHELTER? EURO ASSETS – A SAFE HAVEN?
7. The Euro Area: A Shelter? Estonia’s Perspective
Märten Ross

8. Slovakia’s Experience with the Euro
Ivan Šramko

9. Currency Substitution in the Economies of Central Asia: How Much Does it Cost?
Asel Isakova

10. The Euro as a Safe Haven Asset in Central, Eastern and South-Eastern Europe
Helmut Stix

PART IV: LESSONS – FROM EURO AREA DIVERGENCES, AND FROM THE CRISIS
11. Economic Divergence Within the Euro Area: Lessons for EMU Enlargement
Agnès Bénassy-Quéré, Antoine Berthou and Lionel Fontagné

12. Facts and Lessons from Euro Area Divergences for Enlargement
Zsolt Darvas

13. Revisiting the European Financial Supervisory Architecture – Lessons from the Crisis in Emerging Europe
Erik Berglof and Franziska Ohnsorge

14. Overconfidence as a Cause of Crisis: The Case of Ukraine
Vladimir Dubrovskiy

PART V: POST-CRISIS BUSINESS MODELS OF BANKS IN CEE
15. The Russian Banking Sector One Year After the Crisis Began
Nataliya Orlova

16. Post-crisis Business Models of Banks in CEE – The Case of Raiffeisen
Herbert Stepic

17. Post-crisis Business Models of Banks in CEE – The Case of Intesa Sanpaolo
György Surányi

Index