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Implementation of the Euro in the Czech Republic in comparison to implementation in Slovakia
ŠTEFKO, Martin
The diploma thesis deals with the topic of implementation of the euro in the Czech Republic in comparison to implementation in Slovakia. The aim of the thesis is the analysis of systems of the implementation in the Czech Republic and the Slovak Republic, the comparison of differences and description of reasons why the Slovak Republic implements the Euro earlier than the Czech Republic. The partial aim of the thesis is to discover the impact of the implementation in both countries {--} the real one in the Slovak Republic and the anticipated one in the case of the Czech Republic. The thesis is divided into two parts for fulfilling aims. The first half of the thesis gives a survey of history of the monetary policy in the European Union and in the Czech Republic. The second half of the thesis focuses on the comparison itself and analyzes the implementation of the Euro in both selected countries. Main criteria for analysis are the fulfilling of Maastricht criteria, adoption of reforms and the authorization of legal acts.
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Problems of Nominal and Real Convergence in the Czech Republic before Euro Adoption
KAČENOVÁ, Petra
Czech Republic is one of the former countries of so called Eastern Bloc who decided to return {\clqq}back to Europe`` after the communist regime collapsed. The first step was taken May 1, 2004, when the country joined the European Union. The next step that expects the country after it meets the Maastricht convergence criteria is the adoption of the Single European Currency, euro. In order to meet the requirements of the European Union, Czech Republic must meet the convergence criterion of price stability, the criterion of long-term interest rates, the criterion of annual government deficit, the criterion of government debt and the criterion of exchange rate stability. Since the country joined the European Union, the criterion of price stability was not met in the years 2007 and 2008 only. Czech Republic meets the criterion of interest rates safely. The same applies to the criterion of the government debt. The criterion of government deficit is still being met, with a short exception in 2005. The criterion of exchange rate stability cannot be evaluated because the Czech Republic has not joined the ERM II system yet. The Gross Domestic Product keeps growing every year in the Czech Republic, however, not enough to reach the GDP growth rate in the old EU countries. On the contrary, the unemployment rate in CR is comparable with the EU. The exact date for Euro adoption will be set by the Government of the Czech Republic after the above mentioned critera are met. Introducing the Single European Currency in the Czech Republic may cause certain changes. For example as far as inflation is concerned, euro adoption itself will not cause any rise in price level, but unfortunately we cannot avoid a price increase. When looking at the business sector, it can be stated that probably the size of a business or firm will play an important role, and especially its specialization. Purchasing power of the population should not change substantially after the euro adoption. First of all, the stability and height of the exchange rate of CZK against euro will be important. Economic growth depends on the productivity of factors of production and on the unemployment rate. Since the Czech economy is open towards eurozone countries, I assume that the productivity of factors of production will grow and thus also the economic growth in the CR. Introduction of euro should have only negligible influence on the tax sector. With respect to the gathered values of indicators relevant for the a.m. criteria I assume that the Czech Republic will be ready to adopt euro, with some minor exceptions. Adopting the single European currency in the Czech Republic will be apparently a benefit. However, the most important aspect will be the right timing of euro adoption and the economic development in the neighboring countries, or more precisely in the eurozone countries.
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Development of the common European currency and its comparison with US dollar
Jeníčková, Radka ; Neumann, Pavel (advisor) ; Nováková, Jana (referee)
The thesis is based on the historical background of realisation of Economic and Monetary Union (EMU) in Europe which has led to the introduction of a single currency: the euro. Subsequent comparison of the euro-dollar deals with their particular roles in selected segments of the global economy and tries to put these facts into context. The aim of this thesis is to provide an overview of the current tendency and predict possible future development of the position of the world currency.
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The readiness of Czech Republic for admission of EUR
Hedbávná, Andrea ; Marková, Jana (advisor) ; Ondřich, Libor (referee)
The main goal of this bachelor work is to appraise readiness of Czech Republic for admission of EUR and investigate which steps are necessary to implement before. First part of this work is dedicated to history of European Union and to steps which have lead to admission of Czech Republic. Further, description of another member countries of European Monetary Union and conditions required for admission of common currency EUR in next part. There is also description of possible scenarios of establishment EUR in Czech Republic. The main focus is on Maastricht's criterias which are supposed to be met for the membership in EMU. Then I'll evaluate the state of fulfilling of Maastricht's criterias by Czech economy. Then I will try to outline the advantages and disadvantages which can EMU membership bring to us. In concluding part of this work I'll describe which way changes monetary politics of Czech central bank after EUR introduction. I'll also assess how ready Czech Republic is for EUR admission in present time.
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Fulfillment of the Maastricht convergence criteria in conditions of the Czech Republic
Berounová, Eliška ; Plchová, Božena (advisor) ; Müllerová, Františka (referee)
This bachelor thesis deals with the fulfillment of the Maastricht convergence criteria in conditions of the Czech Republic. At the beginning of the thesis, the development of the monetary cooperation in Europe and the establishment of the European Monetary Union are outlined. Then the Maastricht convergence criteria are described as well as the progression of their fulfillment by member countries of the European Union before the establishment of the Euro-area. The main part focuses on the situation in the Czech Republic. The convergence of the Czech Republic with the Euro-area is closely evaluated and its development is compared with Slovakia. The conclusion deals with the impacts of accepting Euro in the Czech Republic and the speculation on a possible date of entry into the European Monetary Union.
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Benefits and Costs of possible Adopting the Euro in the Czech Republic
Pavčová, Sandra ; Štěrbová, Ludmila (advisor) ; Gajdušková, Kateřina (referee)
This Bachelor's Thesis evaluates incidences of euro for the Czech Republic. The first chapter describes the historical events from the origins of monetary cooperation to the establishment of the European economic and monetary union. In this Thesis is the most important second chapter, which involves detailed analysis of particular incidences of adopting the single currency euro both positive, and negative. The principal objective is to find out, which incidences dominate. For determination of existence of these incidences in practice, is in this Thesis involved part, which deals with the experience of countries, which have already adopted the euro as their national currency. The last objective of this Thesis is to determinate, when is for the Czech Republic optimal adopt the euro.
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Iceland and the European Union in the context of economic crisis
Sýkora, Martin ; Hnát, Pavel (advisor) ; Popovová, Marie (referee)
In this bachelor thesis is discused current relationship between Iceland and the European Union, which is at the moment affected by the economic crisis. The main objective of my thesis is to outline causes, process and impact of economic crisis to the economic and political situation of Iceland and analyze how the current crisis has affected the attitudes and the possibilities of Iceland to join the European Union and the eurozone. Emphasis is also placed on the assessment of feasibility, preparedness, convenience and the potential consequences of such action from the perspective of the pros and cons
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The monetary policy of the European Central Bank
Šebestová, Kateřina ; Neumann, Pavel (advisor)
The objective of this thesis is to analyse and to evaluate the monetary policy of the European Central Bank (ECB) since the establishment of the European monetary union until the financial crisis in 2008. The thesis is divided into three parts. The first part introduces operating principles of monetary policy, which types of monetary policy exist and which instruments it uses. The second part deals with the process of its establishment and its formal requirements. In the third part, the analytical one, is presented the ECB's monetary policy implementation scheme and the single periods of reducing/raising of key ECB interest rates depending on economic and monetary developments in the euro area are analysed. By virtue of the analysis the ECB's monetary policy efficiency is being evaluated in author's view. The conclusion of this part contains changes in monetary policy instruments during the financial crisis.
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Potential advantages and disadvantages of acceptance of Eurocurrency for the Czech Republic
Zadražilová, Markéta ; Čajka, Radek (advisor) ; Kalínská, Emílie (referee)
This work is concerned with the potential advantages and disadvantages of acceptance of Eurocurrency for the Czech Republic. In the first part I focussed on the level of readiness for implementation of Euro. It was judged by two sights. The first one represent Maastricht Convergent criteria, the second one is the theory of Optimal currency area. The potential advantages and disadvantages represent the main part. You will find also some description of the current situation in Eurozone that is these days highly influenced by crise in Greece. I tried to give some kind of comparison of how the world financial crise influenced the Czech Republic and how Slowakei. In the conclusion I polemized about the acceptance date and added a brief description of the technical side of implementation of Euro in the Czech Republic.
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