Challenges for Central Banks in an Enlarged EMU: (v. 9 Schriftenreihe Der Osterreichischen Gesellschaft Fur Europaforschung (Ecsa Austria) / European Community Studies Association of Austria Publica)

With the enlargement of the EU in May 2004, the possible enlargement of the Economic and Monetary Union also became an imminent issue: It can be expected that the 12 countries that have introduced the Euro so far will be joined by several others by the end of the decade.In this book, a set of internationally renowned economists from both sides of the Atlantic analyse the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets, etc. The scientists are supported by Central Bankers from current and future Euro-zone members who give their views on the problems and chances of Euro-accession. The book is thus providing an overall view of the major developments regarding the Euro in the years to come.

Table of Contents:
Opening remarks (K. Liebscher).- Central Bankers' View of the New Challenges: The Challenges of EMU for Small, Open Economy (M. C. Bonello); Flaws in the design of the ECB (P. De Grauwe); Accession Countries and ERM II (S. C. W. Eijffinger); Challenges for Central Banks in an Enlarged EMU (V. Kraft); Challenges for Central Banks in an Enlarged European Union and Euro Area (G. Tumpel-Gugerell); New Challenges for Central Banks in an Enlarged EMU (J. Christl).- The Monetary Policy Strategy after EU Enlargement: ECB Governance and Monetary Policy in the Enlarged EU (H. Genberg); Is the structure of the ECB Adequate to the New Challenge? (A. Sibert); The Monetary Policy Strategy after EU Enlargement (P. L. Siklos).- Challenges for Finacial Market Integration and Supervisory Issues: The Euro, the European Financial Industry and its Supervisors (C. M. Buch).- The Adoption of the Euro: To Purgatory and Beyond (W. H. Buiter); Credit Booms, Demand Booms, and Euro Adoption (S. Schadler/Z. Murgasova/R. van Elkan); Credit booms and ERM II (H. Brouwer); The Adoption of the Euro (G. Szapary).- Fiscal Policy Aspects of Monetary Policy: Global Macroeconomic Policy Implications of an Enlarged EMU (R. Neck/G. Haber/W. J. McKibbin); Fiscal Policy Challenges for EU Accending Countries (J. von Hagen); How large are the Welfare Effects of EU Enlargement? (H. Frisch).- List of Authors

Review :
"... The authors provide an intelligent debate on the multi-faceted aspects of enlargement in the context of further monetary integration ... Overall, the book constitutes a valuable source of knowledge relating to the main areas of central banking that are affected by the EU enlargement and the reforms that are needed in the new Member States to facilitate a smooth transition to the single currency." Common Market Law Review vol. 44, issue 1, 2007