w 109 long-run economic aspects of the european union's eastern ...

LONG-RUN ECONOMIC ASPECTS OF THE EUROPEAN UNION’S EASTERN ENLARGEMENT6 EMU, the euro and enlargement 996.1 Introduction 996.2 Basic assumptions and characteristics of thisenlargement 1006.2.1 Size of this enlargement 1006.2.2 Specificity of this enlargement 1016.3 The evolving EU 1076.4 Prospects of meeting the Maastricht criteria 1076.4.1 The deficit criterion 1106.4.2 The debt criterion 1126.4.3 The interest rate and exchange rate criteria 1186.4.4 Inflation 1196.4.5 The final conversion rate to enter the euro 1226.5 Problems for the CEECs in the EMU ? 1226.5.1 Risks of asymmetric shocks? 1226.6 Use of the euro before EU or EMU membership and eurolinkedexchange rate arrangements 1296.7 Summary and policy conclusions: economic andinstitutional consequences of enlargement for EMU 13067 Budgetary transfers in an enlarged EuropeanUnion 1357.1 Introduction 1357.2 The EU budget: a history of growing political tensions 1357.3 The Berlin reforms and their expected consequences forthe EU -15 1417.4 The agreed EU budget and enlargement 1437.5 The rationale of EU budget transfers to the CEECs 1477.6 Adapting the common agricultural policy to enlargement 1487.7 Adapting the structural funds to enlargement 1507.8 Conclusions and recommendations 151Literature 157Abbreviations 163