Before and After Maastricht: The Case of Slovenia Boštjan Jazbec Member of the Governing Board Bank of Slovenia Tabor, 23 May 2008 Views expressed are.

Slides:

Advertisements

Similar presentations

International Economic Policy. International Fluctuations International business cycles –international financial interdependence –international trade.

Advertisements

Fiscal Policy Challenges Facing the New Member States in a Period of Large Capital Inflows & Substantial Investment Requirements Armin Riess European Investment.

Fiscal Consolidation and Public Investment: Friends, Foes, or Neutral Partners? A Look at Bulgaria and Romania Armin Riess European Investment Bank International.

Preparing for euro adoption Anatoli Annenkov Principal Economist Directorate Economic Developments 12 October 2006 The views expressed in this presentation.

The ECBs Monetary Policy Strategy and the Euro Area Enlargement Massimo Rostagno European Central Bank The views expressed in this presentation are those.

Slovenian Approach to EMU Boštjan Jazbec Member of the Governing Board The views expressed herein are those of the author and not necessarily those of.

EMU and the euro... (for dummies?) Presentation by Nigel Nagarajan Faculty Orientation for the 2009 Euro Challenge New York, November 25 th 2008 The 2009.

EMU and the euro... (for dummies?) Presentation by Nigel Nagarajan Student Orientation – 2009 Euro Challenge Miami-Florida European Union Center of Excellence.

History of European integration European Payments Union European Coal and Steel Community Treaty of Rome 1970s & 1980s - Expansion.

HELLENIC REPUBLIC MINISTRY OF ECONOMY AND FINANCE Directorate General for Economic Policy Directorate for Macroeconomic Analysis and Forecasting Directorate.

Economic Experience and Crisis in the Euro Zone Carlos Hurtado* The Restructuring and Resolution of External Sovereign Debt World Bank. Annual Law, Justice.

The Euro and the New Member States Natalia Tamirisa International Monetary Fund Warsaw, October 29, 2007.

1 Economic Aspects of Enlargement Brussels, 1 February 2005 Dirk VERBEKEN EUROPEAN COMMISSION Economic and Financial Affairs Directorate General What’s.

The Eurosystems’ monetary policy strategy Maarten Hendrikx Economics & Research Division Monetary Policy Department Operational Monetary Policy Seminar.

Topics in EU Political Economy By Ivan F Dumka. Presentation Outline Economic and Monetary Union (EMU) –EMU in Overview –Key events –The Maastricht Treaty.

Portorož, 17 November 2006Mitja Gaspari Portorož Business Conference BoS adjustments for Eurosystem operations.

Macroeconomics Basics.

MONETARY POLICY Valanta Milliou

Peter Bofinger University of Würzburg German Council of Economic Advisors.

Competitiveness of Polish Economy Perspectives for Euro Adoption Magdalena Zając.

1 Disclaimer The views expressed are my own and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, or the Federal.

Exchange Rate Regimes. Fixed Exchange Rates and the Adjustment of the Real Exchange Rate In the medium run, the economy reaches the same real exchange.

European Union and Economic and Monetary Union

Estonia Another crises country. Background and History Details of the relevant history, pertinent to its economic condition. Position of the.

Dr Marek Porzycki Chair for Economic Policy.  Treaty provisions on the euro  Euro regulations  Derogation and adoption of the euro  Opt-out  Convergence.

Prevzem evra na področju plačilnih sistemov

Economic and Political Challenges of Acceding to the Euro Area Is current account the real challenge ? Cinzia Alcidi, CEPS December 7, 2009, Sofia.

Overview What we have seen : achievements Crisis less bad than feared What we can expect : challenges Fragile, slow and varied recovery What should be.

© The McGraw-Hill Companies, 2012 Chapter 16: The European monetary union A normal central bank is a monopolist. Today’s Eurosystem is, instead, an archipelago.

BULGARIAN ECONOMY ON THE ROAD TO EUROPEAN UNION AND ECONOMIC AND MONETARY UNION IVAN ISKROV GOVERNOR BULGARIAN NATIONAL BANK 14 July 2006 Athens.

European Monetary Integration II. Dana Viktorová.

Ten Years of the Euro – Inspirations for the Czech Republic György Szapáry Central European University,Budapest Conference hosted by Mr. Miroslav Kalousek,

Slovak University of Agriculture Faculty of Economics and Management History of the Economic and Monetary Union, ESCB and ECB 2007/2008 Class 2 MPA Ivana.

MINISTRY OF FINANCE Rauno Niinimäki /1 Finnish experiences of EU and EMU The annual meeting of The Icelandic Travel Industry Association Reykjavik.

EUROPEAN MONETARY UNION Jérôme ODDO Céline VERCHERE.

The European Central Bank

NÁRODNÁ BANKA SLOVENSKA Slovakia and the Euro: Mission Completed Ódor Lajos Member of the Bank Board.

International finance The functioning of the euro area- current problems.

György Szapáry Central European University 1 Monetary Policy during Transition: Issues and Challenges in the New EU Members, with Lessons for Latin America.

European Monetary Union. Evolution of the EU 1951: European European Steel and Coal Community. 1957: European Economic Community, the ‘Common Market’

Economic and Political Challenges of Acceding to the Euro area BULGARIA Georgi Angelov, OSI-Sofia.

Dr Marek Porzycki Chair for Economic Policy.  Optimum Currency Area (OCA) as the economic theory behind EMU  History of the Economic and Monetary Union.

Economic and political challenges of acceding to the euro area in the post-Lehman Brothers world: Latvia Jānis Bērziņš – Riga Stradins University

Section 4. Adjustment within the euro area References: 1. The 2006 EU Economy Review: adjustment dynamics in the euro area 2. Bruegel Policy No P.

May 31 - June 1, 2007 “Global adjustment and EMU” 1 Adjusting to the Euro and Catching-Up. Vitor Gaspar Bureau of European Policy Advisers (BEPA) Prepared.

Dr Marek Porzycki Chair for Economic Policy.  Euro area quantitative easing – ECB expanded asset purchase programme, 22 January 2015, and recent monetary.

Economic and monetary union (EMU). EMU involves … Policy harmonisation to remove obstacles to factor mobility A more marked and wider range of common.

MINISTRY OF FINANCE ECONOMIC STABILITY AND INVESTMENT PLAMEN ORESHARSKI MINISTER OF FINANCE March 11, 2008.

1 Is it easier to join EU or EMU? Why? Are the Criteria Good?

ASSOCIATE PROFESSOR DR. DANIELA BOBEVA BULGARIAN CONTEXT IN TEACHING INTERNATIONAL ECONOMY.

IMPACT OF THE MONETARY INTEGRATION PROCESS UPON INFLATION IN THE CZECH REPUBLIC AND OTHER SELECTED COUNTRIES ACCEDING THE EUROZONE Economic and Monetary.

Evidence on EU monetary system. Criterion 5: homogeneous preferences Currency union member countries must share a wide consensus on the way to deal.

CISI – Financial Products, Markets & Services

Chapter 16: The European monetary union A normal central bank is a monopolist. Today’s Eurosystem is, instead, an archipelago of monopolists.

BULGARIA – ECONOMIC PERSPECTIVES

BULGARIA – ECONOMIC PROSPECTS

The European Monetary Union – First Years

Economic and Monetary Union

The European Monetary Union – First Years

Brexit and the UK Economy

EPP Group CRIS Committee

Economic and Monetary Union

Estonian Entrepreneurs’ and Consumers’ Price Expectations

The Economics of European Integration Chapter 14

Chapter 16: The European monetary union A normal central bank is a monopolist. Today’s Eurosystem is, instead, an archipelago of monopolists.

Euro Adoption in Slovenia

Dr Marek Porzycki Chair for Economic Policy

History, introduction and importance today

Presentation transcript:

Before and After Maastricht: The Case of Slovenia Boštjan Jazbec Member of the Governing Board Bank of Slovenia Tabor, 23 May 2008 Views expressed are not necessarily views of the Bank of Slovenia.

Outline Problems with Maastricht Criteria Fulfilment Exchange Rate: Shock Generator or Absorber? Before and After Maastricht The Case Study: Slovenia

Strategies for Euro Adoption Wait for Real Convergence to Take Place Benefits of Euro Adoption? Beat the Mastricht Inflation Criterion by Exchange Rate Manipulation Entusiasm for Inflation Targeting

Economics or Politics? Change of Maastricht Criteria requires change of Treaty Problem with ECB Governance

The Case of Slovenia May 2004: Entry to EU June 2004: Entry to ERM2 January 2007: Adoption of Euro

Real Convergence Story?

Where Do We Stand Today?

Catching-up Process

Inflation Criterion: Slovenia

Is this Balassa-Samuelson Effect?

Structure of HICP

Food Prices in Slovenia and EMU

Activity, Employment and Wages

GDP Growth by Components of Expenditure

Contributions to Employment Growth

Financial Deepening

Lending to Domestic Private Sector

Interest Rates in Slovenia Loans to Non-financial CorporationsLoans to Households

Financial inflows

Current Account Development

Conclusions Maastricht Inflation Criterion Benefits of Euro Adoption Financial Stability Issue At least we cannot have exchange rate and B-o-P crises