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The development and future of the European Monetary Union
FIALA, Jakub
Diploma thesis, European Monetary Union, its Development and the Future, deals with the reasons, which ultimately led to the foundation of the later European Union and afterwards the European Monetary Union. The journey, which leads up to the present where we are now, lasted for several decades. The experience with the two World Wars on the European territory was the sufficient reason why the European countries embarked on this common journey. In the first part this thesis offers the insight into the past. In short, the most important historical milestones on this road, leading towards the European, respectively the European Monetary Union, are suggested here. The second part of this thesis focuses on current problems of the European Monetary Union. The individual European macroeconomic indicators are compared with the results obtained overseas, particularly in the U.S.A. and Japan. Ultimately, it appears that the EU in comparison especially with the U.S.A. is lagging behind in some indicators. Another part of the thesis is dedicated to the optimum currency area. Is therefore the European Monetary Union the optimum currency area? A few indicators give again the answer to this question. The resulting values of the indicators show that the European Monetary Union is not the optimum currency area today. The reasons can be found particularly in the political than the economic area. Therefore, there is lots of work waiting for the European politicians, officials, but also ordinary citizens, and it will be only up to them, which way the European Union sets out.
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The Czech Republic and the Euro Area
Fiedlerová, Lucie ; Ježek, Tomáš (advisor) ; Kubelková, Karina (referee)
This graduation thesis is concerned with the Czech Republic's readiness for the entry to the euro area. Our Republic engaged to adopt shared euro currency already before the single admission to the European union, therefore it is not suitable to research, whether the Czech Republic should adopt euro or not, but when this step will be the most appropriate to render. The introductory part of the theses describes the history of the European monetary integration and the Stability and Growth Pact as an important instrument of the budget branch adherence. The theoretical part of the thesis focuses on the theory of optimal monetary areas, which is closely associated with monetary integration. Analytical section examines the rate of nominal and real approximation of Czech economy to the euro area's economies. I deal thoroughly with the fulfilment of convergence criteria and on the basis of GDP growth rate I analyse the real convergence. I solve the current influence of Greece's problems on the admission of euro in the Czech Republic and the Slovak macroeconomic experience with the entry to the euro area.
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Is Slovakia making headway towards constituting an OCA with the EMU?
Špániková, Eva ; Jeníček, Vladimír (advisor) ; Mišovská, Soňa (referee)
The goal of this diploma thesis is to assess the suitability and readiness of the Slovak Republic to adopt a single European currency. In analyzing the costs and benefits relating to Slovakia?s accession to the EMU, this thesis is guided by the theory of the OCA. The thesis provides a survey of the OCA theory, attempts to measure some of the OCA indicators and calculate OCA index for Slovakia. The results suggest that Slovakia fulfils the necessary condition for joining the monetary union, i.e. it is relatively well aligned with the euro area. The diploma thesis concludes that Slovakia is relatively suitable and well-prepared to join the euro area in 2009.
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The Analysis of an Admission of the Czech Republic in to the European Monetary Union
Krebsová, Michaela ; Skopeček, Jan (advisor) ; Hudík, Marek (referee)
The aim of this bachelor thesis is to analyse readiness of the Czech Republic for euro adoption. First part presents historical overview of OCA theory, especially Mundell's labour market flexibility and the OCA index. Furthermore, assumptions are provided for an analysis of labour market flexibility on the basis of different empirical studies. Additionally theory of real convergence is introduced. This theoretical framework, introduced in the preliminary part of this work, presents fundamentals for further analysis. The latter analysis focus on labour market flexibility, structural resemblance of economies, real convergence and the OCA index. On the basis of results obtained, evaluation about benefits and cost of euro adoption is provided and consequently conclusions about euro adoption are deduced.
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The OCA theory - application of criterion labour mobility in Czech and Slovak republic
Stanková, Katarína ; Chytil, Zdeněk (advisor) ; Chytilová, Helena (referee)
The topic of my bachelor paper is the theory of optimal currency areas and the possibility of its application to the Czech Republic and Slovakia. The aim of this paper is to study the volume of fulfilment of the criteria of labour mobility as one of the criteria of the theory of optimum currency areas. The introductory part of paper is theoretic and deals with the development of the OCA theory, focusing on Mundell's main contributions and further extension of this theory. The next part discusses cost and benefits associated with monetary integration faced by countries contemplating accession to monetary union. It seeks to assess whether the European monetary union may be considered optimal currency area. The merit of common currency adoption depends on fulfilment of the optimum currency area criteria. The goal of this paper is focused on examination of the volume of fulfilment and further expectations one of the OCA criteria by the Czech and Slovak Republic, the criterion of labour mobility.
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The convergence of the Czech Republic and Slovakia to euro area
Lukáčová, Jana ; Bič, Josef (advisor) ; Jelínek, Tomáš (referee)
My bachelor's thesis concerning "The convergence of the Czech Republic and Slovakia to euro area" describes and compares nominal, real and structural convergence process in Czech Republic and Slovakia since 1998 till the present day, evaluates if the countries fulfill the criteria of theory of optimum currency area and tries to make a judgment if the Czech Republic and Slovakia are/were ready for the euro area entry.
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The judgement on entry of SVK to the Eurozone as a member of V4
Turčáni, Peter ; Ševčíková, Michaela (advisor) ; Petrášek, František (referee)
The aim of bachelor work is to analyze and evaluate the entry of Slovak Republic to the Eurozone in the beginning of year 2009. Possible early entrance and the option of waiting for other states of Visegrad Four is what I will be interested in. In the theoretical part I will be talking about historical evolution of Economic and monetary union and nominal and real convergence criteria, which I analyze concerning The Theory of Optimum Currency Areas. In the second, practical part, I will put my mind to satisfying each real convergence criteria (from years 2004 to 2006) in the Slovakia and I will compare it with other states of European Union, especially with Visegrad Four. In the final part I will analyze pros and cons of adopting Euro in Slovakia.
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Eurozone from the view of OCA theory: conclusion for the Czech Republic
Kovač, Vojtěch ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
This diploma thesis is concerned with the Robert Mundell's theory of optimum currency area (OCA) and its relation to European monetary union (EMU) or (if you like) Eurozone. The OCA theory belongs to one of the most comprehensive approach to evaluate whether adoption of a common currency by a certain block of countries is beneficial of not. Thus this paper tries to apply OCA theory to the current Eurozone member countries and is focused especially on three main attributes -- the symmetry of economic shocks, the labor market flexibility and the economic integration of international trade between the member states of the euro area. Results of this analysis are then applied to the new member states and the immediate candidate EU member states -- especially to the Czech Republic. The work assesses the feasibility of the OCA theory for classification the candidate countries and their readiness for entering the Eurozone and finally offers alternative criteria by which the readiness for adoption of the Euro should be measured. The text is based on available theoretical and empirical sources supplemented by the author's analyses.
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The Maastricht Criteria and its alternatives
Tóthová, Jana ; Janda, Karel (advisor)
This work deals not only with the issue of the Maastricht Convergence criteria but also with an alternative way of evaluation of the preparedness to monetary integration ? the theory of Optimum currency areas. It contains an enumeration of convergence criteria stated in the Maastricht Treaty, explains its purport and imperfections. Further on a few criteria stemming from the Optimum currency area theory are listed and the relation between them and the Maastricht criteria is examined. In the practical part the preparedness of the Czech Republic to enter the Eurozone is evaluated on the basis of both criteria. Emphasis is put on the relation between the Maastricht criteria and the Optimum currency area criteria on both, theoretical and empirical basis.
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Směřuje Slovenská Republika k vytvoření optimální měnové oblasti s eurozónou?
Špániková, Eva ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
The goal of this diploma thesis is to assess the suitability and readiness of the Slovak Republic to adopt a single European currency. In analyzing the costs and benefits relating to Slovakia?s accession to the EMU, this thesis is guided by the theory of the OCA. The thesis provides a survey of the OCA theory, attempts to measure some of the OCA indicators and calculate OCA index for Slovakia. The results suggest that Slovakia fulfils the necessary condition for joining the monetary union, i.e. it is relatively well aligned with the euro area. The diploma thesis concludes that Slovakia is relatively suitable and well-prepared to join the euro area in 2009.
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