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LONG-RUN ECONOMIC ASPECTS OF THE EUROPEAN UNION’S EASTERN ENLARGEMENTTable A5Variability of the bilateral exchange rate vis-à-vis DMCEEC -10Average 1996-1998Variability of BRERMonthly Quarterly normalisedto a monthly rateCzech Republic 3.1 1.4 2.8 1.2Estonia 0.6 0.4 0.0 0.0Hungary 1.7 1.2 1.2 0.7Poland 2.7 1.8 2.2 1.3Slovenia 0.9 0.6 0.8 0.5Wave1 1.8 1.1 1.4 0.7Variability of BNERMonthlyBulgaria 7.1 8.5 15.2 13.1Latvia 2.0 1.2 1.7 1.0Lithuania 2.7 1.6 2.4 1.3Romania 6.9 4.3 6.5 4.6Slovak R 1.6 1.2 1.5 1.2Wave2 4.1 3.4 5.5 4.2Average CEEC -8 1.9 1.2 1.6 0.9Quarterly normalisedto a monthly rateNB: For Bulgaria the monthly data for 1997 cover only the months August-December186Club MedVariability of BRERVariability of BNERMonthly Quarterlynormalised to amonthly rateMonthly Quarterlynormalisedto a monthly rate1990-19921993-19951990-19921993-19951990-19921993-19951990-19921993-1995Greece 1.6 1.5 0.9 1.2 0.9 1.0 0.7 0.7Italy 2.1 2.9 1.7 2.3 1.9 2.8 1.5 2.3Spain 1.9 2.4 1.5 1.2 1.8 2.4 1.4 1.2Portugal 1.6 2.1 1.3 1,1 1.3 2.1 1.0 1.1Average 1.8 2.2 1.3 1.4 1.5 2.1 1.1 1.3Source: Own calculations based on IMF, International Financial Statistics, November 1999
ANNEXESVariability of relative CPIMonthly0.8 0.50.6 0.40.8 0.60.8 0.60.5 0.20.7 0.53.6 15.30.5 0.30.6 0.44.0 3.90.5 0.21.9 4.00.6 0.4Quarterly normalisedto a monthly rateVariability of relative CPIMonthlyQuarterlynormalisedto a monthly rate1990-19921993-19951990-19921993-19951.5 1.3 0.7 0.60.4 0.4 0.3 0.20.6 0.3 0.3 0.20.6 0.3 0.5 0.30.9 0.7 0.5 0.3187
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WORKING DOCUMENTS W 109LONG-RUN ECO
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CONTENTSCONTENTSPreface 3Summary 91
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CONTENTSAnnexes1 The Balassa-Samuel
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LONG-RUN ECONOMIC ASPECTS OF THE EU
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INTRODUCTION1 INTRODUCTIONThe Europ
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INTRODUCTION4 To what extent do the
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INTRODUCTIONefficiency-based (first
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INTRODUCTIONThe exercise is not so
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INTRODUCTIONsome suggestions to min
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PROBLEMS OF ACCESSION TO THE INTERN
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A SOUND AND DYNAMIC ECONOMIC UNION5
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A SOUND AND DYNAMIC ECONOMIC UNION5
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A SOUND AND DYNAMIC ECONOMIC UNIONc
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A SOUND AND DYNAMIC ECONOMIC UNIONW
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A SOUND AND DYNAMIC ECONOMIC UNION
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EMU, EURO AND ENLARGEMENT6 EMU, THE
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EMU, EURO AND ENLARGEMENTTable 6.1
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EMU, EURO AND ENLARGEMENTDepositsDe
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EMU, EURO AND ENLARGEMENTEmployment
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EMU, EURO AND ENLARGEMENTwhich is s
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EMU, EURO AND ENLARGEMENT• The sa
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EMU, EURO AND ENLARGEMENTenues. Mea
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EMU, EURO AND ENLARGEMENTany ‘cle
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EMU, EURO AND ENLARGEMENTTable 6.6D
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EMU, EURO AND ENLARGEMENTDeposit mo
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EMU, EURO AND ENLARGEMENTIf the ECB
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EMU, EURO AND ENLARGEMENTBox 6.1The
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EMU, EURO AND ENLARGEMENTexchange r
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EMU, EURO AND ENLARGEMENTvariabilit
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EMU, EURO AND ENLARGEMENTFigure 6.1
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EMU, EURO AND ENLARGEMENT• The lo
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EMU, EURO AND ENLARGEMENTadopting t
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Page 157 and 158: LITERATURELITERATUREAlberolo-Ila, E
Page 159 and 160: LITERATURECommission (1998i) Twenty
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Page 175 and 176: ANNEXESANNEX 2WHY IT PAYS TO JOIN T
Page 177 and 178: ANNEXESThe key item in equation (4)
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Page 205 and 206: ANNEXESreasons the Commission (1998
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