Politická ekonomie 2016, 64(6):713-729 | DOI: 10.18267/j.polek.1105

Nová kritéria pro přijetí Eura

Aleš Michl
Vysoká škola ekonomická, Fakulta financí a účetnictví.

New Euro Convergence Criteria

The sovereign debt crisis inside the European Monetary Union (EMU) as well as competitiveness problems of some EMU members made the members and non-members of the club address one question: Is a monetary union advantageous? This paper deals with the issue whether or not the Maastricht criteria are good indicators for deciding to join the eurozone, namely for a small open economy, as the Czech Republic. In particular, this analysis addresses the issue of price competition, which can be measured by the real effective exchange rate. In fact, the Maastricht criteria do not reflect the competitiveness of a country. Thus the arguments concerning the advantages/disadvantages of the adoption of a common currency should not be based only on the Maastricht criteria, but at first on the philosophy of the real effective exchange rate. We define a basis for setting new criteria to decideing on joining the monetary union. To sum up, if depreciation/devaluation of the real exchange rate is not a competitive advantage for both Czech exports and the Czech economy (especially in the long term), then the main economic argument against joining the EMU disappears.

Keywords: real effective exchange rate, productivity, competitiveness, unit labour costs, devaluation, trade, exports, open economy, monetary policy
JEL classification: E32, E62, F14, F16, F41, F45, L16, O47

Published: October 1, 2016  Show citation

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Michl, A. (2016). New Euro Convergence Criteria. Politická ekonomie, 64(6), 713-729. doi: 10.18267/j.polek.1105
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