Analýza problémů zemí Jižního křídla EMU a přistoupení ČR do Eurozóny

This thesis focuses on analysis of current problems of so called "South wing countries" of EMU and Ireland (countries which are being called "PIIGS") from the theory of optimum currency area point of view. It uses the static and dynamic version of the theory as a framework for analyzing the problems of internal and external imbalance within those countries and mainly the connection between current accounts deficits, high level of private and public debts, loss of competitiveness in international trade and high percent of unemployment. The thesis comes with a conclusion that the main factors behind the crisis were inflation and inflation expectations which then through different inflation differentials created asymmetric shocks in monetary policy. This inflation differential phenomenon is described in Walters critique and with other theories creates the basis of analytical part. In the appendix it assesses the readiness of Czech Republic for accepting the euro, based on the analysis made in this thesis.