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Impact of the euro adoption to less developed countries of the EU
Stádníková, Markéta ; Koderová, Jitka (advisor) ; Čermáková, Daniela (referee)
This diploma thesis deals with the issue of impact of the euro adoption to less developed EU countries, namely the PIGS countries. The first part defines the Maastricht criteria and their fulfillment by those States before joining the euro area. In the other two parts is analyzed the evolution of macroeconomic indicators before and after the outbreak of the financial crisis. These are the indicators of inflation, current account and net investment positions, the housing market and private loans, public finance, GDP and unemployment. In conclusion, there is an evaluation of the development of the individual countries on the basis of these indicators, assessed the suitability of the Maastricht criteria and the benefits of integrating these countries into EMU both for them and for the euro area as a whole.
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Economic and legal aspects of the Stability and Growth pact
TROJANOVÁ, Linda
The theoretical part describes what the Stability and Growth pact is, why and how it came into existence, and events which preceded it. This part also describes the Maastricht treaty and convergence criteria and the original Stability and Growth Pact as well as joining the European Monetary Union, which is important in terms of meeting the criteria by individual states. Furthermore, there is an analysis of the Stability and Growth pact and the changes that followed over the years after the pact became effective. Lastly, the theoretical part describes other contracts which arose after shortcomings in the Stability and Growth pact were identified. The practical part analyses how the Stability and Growth pact is followed by each country and adherence of Stability and convergence programmes. Finally, there is an assessment of level of indebtedness of individual European Union countries and of indebtedness of the European Union countries in global comparison.
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Single currency and the Czech republic - advantages, disadvantages and level of preparedness
Trubačíková, Romana ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
The aim of this thesis is to analyse the preparedness of the Czech Republic to adopt the single European currency called euro. The level of preparedeness is assessed not only in terms of meeting the Maastricht convergence criteria, but also in terms of real convergence with the euro area. Subsequently, the thesis deals with potential advantages and disadvantages connected to the introduction of the single currency in the Czech republic. The thesis also analyzes the impact of the introduction of the euro on individual indicators in Slovakia. Finally, there is a mention of the current debt crisis in the eurozone, which has a significant influence on the date of adoption of the euro in the Czech republic.
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Impact of financial crisis on public finance in Czech Republic
Hudáková, Zuzana ; Ochrana, František (advisor) ; Vítek, Leoš (referee)
The final thesis deals with impact of financial crisis on public finance in Czech Republic. The aim of my thesis is to give to a reader an idea about impact of financial crisis on the state budget of CR, especially on expenditure and revenue side. Except of this, according to the Maastricht criteria, it is evaluated effect on debt of public budget and deficit of state budget. At the thesis are used sources mostly from CNB, MFCR and OECD. In theoretical part is defined the term "financial crisis", described causes of origin of the financial crisis and analysis impact of financial crisis on the world markets. Next part of the thesis is devoted to examination and analyzes of impacts of financial crisis on public budget, particularly on revenues, expenditures, debt and deficit of the budgets. At last part of the diploma thesis we can find adequate recommendations and summary of knowledge, which emerged from provided analysis.
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The Convergence Process in the EMU and the Fulfilment of Maastricht Criteria
Mecová, Markéta ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
The content of this bachelor thesis is the issue of meeting Maastricht criteria as well as presenting the view of Mundell's theory of Optimum currency areas. The work is divided into three chapters. In the first chapter, I generally describe and define the convergence criteria one by one and I also characterize the theory of Optimum currency areas. Some economists argue that the European Union's monetary area meets the conditions and could be considered as Optimum currency area. On the contrary, some economists use this theory and claim that European monetary area will never be able to meet those conditions. The second chapter of the thesis analyses the fulfilment of quantitative convergence criteria of chosen countries that have made a commitment to become a member of the European Monetary Union in the future. The third chapter summarizes fiscal criteria of all twenty-seven Member States of the European Union.
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The convergence process of the Czech Republic to European monetary union
Kutinová, Hana ; Mandel, Martin (advisor) ; Skoupil, Lubomír (referee)
The aim of this thesis is to evaluate the convergence process of the Czech Republic. The thesis describes the historical background of the Treaty on European Union and the criteria for adopting the euro are described in detail. The convergence process of the Czech Republic is viewed from the perspective of a nominal convergence (inflation rates, government finance, exchange rates, long-term interest rates) as well as a real convergence (measured by GDP per capita in purchasing power parity). Further, the attention is paid to the institutional framework of fiscal policy of the Czech Republic. Indicators of economic harmonization are also analyzed, such as the business cycle, interest rates, exchange rates and stock indices. The comparative method is used to evaluate -- development indicators are compared over time and with countries in a similar position with the Czech Republic.
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Institutions of the EU - development, transformation, difficulty
Pavlík, Jaroslav ; Jeníček, Vladimír (advisor) ; Tunkrová, Věra (referee)
This diploma thesis seeks to summarize the institutional development taken by the European Union so far (with a particular view to the changes brought about by the Treaty of Lisbon), and, based on this, to provide an assessment of the direction into which the European Union is headed at the beginning of this decade. Within this context, my thesis attempts to outline the various alternative scenarios for the future development of the EU's institutional framework; the likely candidates, to put it simply, are, on the one hand, even deeper integration in the form of a fiscal and political union, or, conversely, the abandonment of the idea of closer cooperation. Since the beginnings of the 1950s, the European Communities and, later, the European Union have been developing towards ever-increasing integration. Even today, one observes obvious tendencies towards intensifying this integration. However, this does not allow for the unambiguous conclusion that the European Union must result in the creation of a fiscal and political union. It is perfectly conceivable that the elected political representatives of individual member states may assume the opposite view, and that tendencies will prevail within the European Union towards a more informal collaboration among separate countries. The present work also attempts a comparison of the views held by politicians, political scientists, analysts, and intellectuals. One finds that even these authors do not arrive at clear-cut conclusions, nor should one expect them to be able to make such conclusions. This thesis draws attention to a number of contradictory aspects - chiefly among them the violation of the Maastricht criteria, and the obvious breach of Article 125 of the Treaty of Lisbon, which prohibits mutual financial assistance.
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The theory of optimum currency areas and the entry of the Czech Republic into the EMU
Vála, Vladimír ; Koderová, Jitka (advisor) ; Kučera, Lukáš (referee)
The aim of this bachelor thesis is to determine, whether the Economic and Monetary Union fulfills criteria of optimum currency area, to evaluate the nominal and real convergence of the Czech Republic to EMU and to assess benefits and costs resulting from the implementation of common currency in the Czech Republic. I present basic criteria of optimum currency area and I try to find out whether they are met within the EMU. There are three economic criteria, three political criteria, the criteria of alignment of the business cycle, and also to mention Brown's tests and criteria of Václav Klaus. It also analyses whether the Czech Republic meets the Maastricht (nominal) convergence criteria and the extent to which is achieved real convergence. The benefits and costs associated with membership in the European Monetary Union for the Czech Republic are described in the conclusion.
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Analysis of the Maastricht criteria, Czech republic since 1998
Křivánek, Matěj ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The convergent criteria and its implementation across countries is a very actual and discussed issue of the past few years with regard to the increasing number of countries striving for joining the European Economic and Monetary Union (EMU). It has also become a part of the policies of the particular central banks having a significant impact on its performance. The beginning of this work is intent on the theory of the Optimal Currency Area (OCA) as developed by Robert A. Mundell in the sixties, which gave rise to the Maastricht criteria, subsequently the findings will be applied to the environment of the Czech Republic. The aim of this thesis is to analyze the evolution of the monetary policy of the Czech Republic with regard to the fact that the Czech Republic also commited itself to adopting the common European currency. And what about the impact of a fact, that the Czech Republic represents a small open economy strongly reliant on the development of Euro, especially the German economy? Furthermore I will also evaluate the policy of the central bank which must be performed in order to meet the determined Maastricht criteria. One of the other aims of this thesis is to assess the benefits and risks associated with the entry to the monetary union, such as depreciation of Czech National Bank (CNB), primarily the loss of using the exchange rates representing the important means to stabilize the economy.
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Impacts of the crisis in the EU according to the fulfilment of the Maastricht criteria
Koutňák, Michal ; Hnát, Pavel (advisor) ; Vrňáková, Irena (referee)
This bachelor thesis analyses if the process of the fulfilment of the Maastricht criteria between the years 1997 and 2007 affected the course of the global financial crisis from 2008 to 2011 in the European Union countries. States are divided into four logical groups -- the original members of the euro zone, enlargement of the euro zone, countries with a permanent exception of joining the euro zone and the other European Union countries. The first part analyses how and which countries had been meeting the Maastricht criteria till the beginning of the global financial crisis. The second part describes how fulfilling the Maastricht criteria have changed when the crisis started and how the unemployment and the growth of real GDP have changed. The objective of my assignment is to determine whether exists a relation between meeting the Maastricht criteria before the crisis and the impacts of the crisis of stated countries. The conclusion summarizes how certain groups of countries differ from each other according to the fulfilling the Maastricht criteria and how the economies have reacted to the crisis.
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