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The impact of the debt crisis on monetary integration in Europe
Pecho, Maroš ; Čajka, Radek (advisor) ; Hinčica, Vít (referee)
The bureaucratic structures of European Union, Eurozone etc.; deal with the issue of monetary integration these days. This point was achieved, because of the beginning of debt crisis, which has erupted in 2009. In this thesis is a clear explanation of monetary integration in general, hers costs and benefits and also historical development within the framework of monetary union in Europe. The emphasis is placed on creation reasons of debt crisis, with detailed description and interpretation of the global imbalances principle, applied on Eurozone members. In the part discussing global imbalances are stated PIIGS states and their main task within the framework of debt crisis. The most important part is the part, noticing the concrete steps in European integration deepening such as formation of stability mechanisms -- EFSM, EFSF, ESM; continues to preparation of formation named as bank union; introduction of financial transaction tax etc. The might and theoretical solutions, like Eurobonds or disintegration of Eurozone, are also included. The last paragraph sums up impact of debt crisis on integration processes.
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Je Eurozóna ekonomickou chybou? Přístup teorie optimálních měnových zón
Drobík, Michal ; Petrášek, František (advisor) ; Mládek, Josef (referee)
The diploma thesis is aimed to apply the theoretical concept of optimum currency areas, i.e. probably the most comprehensive approach to analyze the suitability of establishing a currency area, to the real and currently difficulties solving environment of EMU states. The first, theoretical-methodological part shows the development of the OCA theory, as founded by Robert A. Mundell and expanded upon by further contributors and critics thereafter. This part focuses especially on defining the optimality criteria, which are then analyzed in the empirical-analytical section. In order to assess the level of optimality, which the euro area members have reached during the common currency existence period, concrete and empirical data are analyzed - data, showing the previous development of the selected indicators, describing the criteria fulfilling. In the final part of the thesis, the author considers the overall optimality rate of euro area and points out its consequences for the Czech Republic, as a candidate country. Furthermore, the entry-timing question is discussed as well, when finished by a two possible scenarios of our accession to EMU. In relation to this issue, the author also discusses the relevancy to assess the readiness for entering the euro area according to the parameters of Maastricht criteria.
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VYBRANÉ ASPEKTY VSTUPU ČR DO EVROPSKÉ MĚNOVÉ UNIE
Skopeček, Jan ; Janáček, Kamil (advisor)
Introduced graduation thesis engaged in chosen implications on joining the euro area by the Czech Republic. The main target is to find the response for question: How much contributive is to enter the European Monetary Union (EMU)? The thesis is divided into five chapters. The first one includes historical and political development of European monetary integration, institutional effectiveness and economic development analysis of EMU. Following section considers the topic of EMU as a optimum currency area – objective conditions are also tested by way of Czech Republic example. Here I came to the conclusion that conditions of optimum currency area are not satisfied in many respects. Chapter number three describes the topic of nominal convergence, chapter number four describes the topic of real and price level convergence. Czech Republic is being characterized by low price level whose stepwise fitting is expected to become more complicated by virtue of using common monetary policy. Cost-benefit analysis of joining EMU is mentioned in last chapter. The most significant cost is accounted a loss of independent monetary policy, on the other hand the stable exchange rate is believed to be the most considerable benefit. The recommendation stating that Czech Republic is advised to join EMU later date is mentioned in final conclusion.
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Searching for the Role of Germany in Eurozone Crisis
Krsek, Tomáš ; Němcová, Ingeborg (advisor) ; Hnát, Pavel (referee)
In my graduation theses I deal with the eurozone crisis. This crisis can be seen in relation to the causes of it, as a result of many factors of varying importance - the global financial and economic crisis, the State lavishness, the construction of EMU, etc. Eurozone crisis can however be also seen in the inability of states to agree on the future appearance of the eurozone. In the first two chapters I analyze the first mentioned approach, namely financial and debt crisis with regard to their expensiveness. In detail I attend to interconnection of banking and debt crisis and the role of the ECB. In the second part I come to the principal point of my work, another approach to the crisis, namely the attitude of Germany to address problems of EMU. Germany therefore, that as the largest economy of EMU it forms it the most, but also carries the largest share of costs. I will analyze both the priorities of Germany, and his approach to promoted measures from the fiscal compact to Eurobonds. Eventually, through an analysis of the attitudes of actors in Germany - the German Government, the political opposition, the constitutional court, the Bundesbank, the German academics, public opinion - I come to a conclusion that the position of Germany is divided, however, at least for political representation I can not yet speak of fundamental contradictions. But it seems that the German population begins to differ in this way from their political representatives. The future will show us how serious this discrepancy will be and what results will it bring.
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Ten years of EMU: Convergence, divergence and new policy priorities
Christodoulakis, Nicos
Has the single currency promoted or hindered convergence among the countries of the Eurozone? On the one hand, asymmetric shocks have subsided after the creation of the single currency and FDI has been substantially promoted both inside and outside the EMU as a result of reduced exchange rate volatility, more integration and better institutional functioning. On the other hand, an examination of the catching-up process between the less and more affluent countries of the Eurozone suggests that convergence has been fading since the EMU was initiated in 1999. Another worrying development in the Eurozone is the emergence of unprecedented CA deficits in the southern Eurozone countries, while the northern Eurozone group enjoys substantial surpluses. Although both groups of countries have attracted increased FDI flows after EMU, there seems to be a sharp differentiation regarding size and composition. In the southern countries, the housing sector has attracted relatively more investment than the production sector, while the reverse seems to be the case in the northern group. Thus, investment in the northern (southern) Eurozone countries has increased traded (non-traded) output and caused an improvement (deterioration) in the trade balance. To face such imbalances, new policy priorities are required in the Eurozone that put more emphasis on convergence and competitiveness.
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Impact of euro on economical and debt development in southern countries of eurozone
Říman, Václav ; Blahová, Naděžda (advisor) ; Michl, Aleš (referee)
This diploma thesis discuss the influence of the euro currency on economical situation and its development in Italy, Portugal, Greece and Spain. It is also concerned with the debt crisis which these countries are passing through. First, I analyze development of these countries in the last 20 years prior to entering the eurozone. After that, I focus on the fulfiling of Maastricht criterias and Optimal currency area theory, mainly the convergence of business cycles. Next chapter puts in place the questions of positive expectations, which should have be brought be the euro. In the fourth chapter the work shifts in time to the period after adopting the euro and it analyses the development of several macroeconomic values in the years 2001 - 2010 in southern countries. The results of these research are explained with focus on the influence of the euro. Last chapter concerns about the path of Italy, Portugal, Greece and Spain to the debt crisis, which peaked by the incapability of further finacing some of these countries. It research the possible effects of euro as well.
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The Franco - German relations in the context of the European debt crisis
Šuchta, Juraj ; Žamberský, Pavel (advisor) ; Bartušková, Hana (referee)
The bachelor thesis deals with the background of the European debt crisis with an emphasis on the role of the main creators of the European Monetary Union, France and Germany. The thesis aims to analyze both economies in the context of the current eurozone crisis and point out their responsibility for today's adverse situation. In the first chapter I deal with the Franco - German cooperation during the process of building the Monetary Union. The second chapter compares their economic policies, while the focus is on Germany's pro-export policy and its impact on the other euroarea countries. The last chapter focuses on the solutions to the crisis which have been largely the result of agreements between these two countries.
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The economic situation of PIIGS countries before and after accepting the Euro
Schneiderová, Jana ; Štěrbová, Ludmila (advisor) ; Čajka, Radek (referee)
The thesis deals with the economic situation of PIIGS countries - Portugal, Ireland, Italy, Greece and Spain, from 1996 up to the present. The first chapter defines the process of economic monetary integration up to the current economic crisis. On the basis of macroenomic analysis the thesis endeavours to find basic causes of current problems in PIIGS countries and to define an occurence of imbalances and varience among these states and other members of the Eurozone. In the conclusion we can find a comparison of PIIGS countries, an evaluation of their development before and after adopting the Euro and an influence of inflation, exchange rate and other economic factors on inception of divergences within the EMU.
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European monetary union - its developement and current problems
Vaverková, Zuzana ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
This bachelor work concerns a beginning of monetary integration in Europe since the time of signature of Treaties of Rome. It mentions unsuccessful plans of monetary and economy integration in European countries. It presents conditions of an entrance to European Monetary Union, its forming and rules of running. It indicates a problem of debt crisis in Eurozone, its significance and consequences in affected countries. It also presents how EFSM, EFSF and IMF help affected countries to deal with their situation and another possible development.
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