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Development of nominal and real convergence in Czech and Slovak Republic and entry of the Czech Republic into the EMU
Gajoš, Ondřej ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The aim of this thesis is to define nominal and real convergence within the area of the European Union and to assess its development on the example of the Czech and Slovak Republics. This dissertation is divided into three integrated sections. The theoretical part analyses basic economic concepts related to the issue of convergence and stability of joint economic units. The topics covered include the Maastricht criteria, their relevance, currentness and possible conflict between nominal and real convergence with the accession of new countries, then the theory of optimum currency area (OCA), theory of endogeneity and exogeneity and the linkage on fiscal policy and fiscal discipline in the environment of the European Union and the eurozone. Special attention is focused on the development of fiscal policy following from the establishment of the Stability and Growth Pact, including its reforms and recent changes in the form of the Euro Plus Pact and the Fiscal Convention. To satisfy the need for quantitative evaluation of given hypotheses, the second (empirical and analytical) part offers two self-constructed indices - the index of real convergence and fiscal discipline index. Based on these indices, relationship between the performance criteria of nominal and the real economy is monitored in the evaluated cohort. The last part of this work is dedicated to synthesis and application of findings from the previous sections upon which conclusions and recommendations for possible entry of the Czech Republic into the euro area are made.
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Critical Aspects of the Italian Debt
Černohorský, David ; Němcová, Ingeborg (advisor) ; Neumann, Pavel (referee)
The work examines the hypothesis that the Italian debt has already reached its critical level and the creditors no longer trust the country. I concluded that it's far from having reached its critical level. Despite the rising debt and internal problems, Italy borrows more cheaply than before and thanks to economic growth and some reforms we can expect this trend to continue. On the other hand, the country still has major structural problems and struggles with high unemployment and declining competitiveness. In the case of failure to introduce necessary reforms, in a longer-term can Italy suffer by significant problems.
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Coordination of Economic Policies of EU Focusing on The Visegrad Group Countries
Dvořák, Pavel ; Bič, Josef (advisor) ; Hnát, Pavel (referee)
This thesis examines the process of coordination of economic policies of the European Union on the example of the Visegrad countries. The introductory chapter describes the development of the economic policy coordination, discusses the key legal documents that most affected the process of coordination, and assesses the importance of the coordination for the European integration . The second chapter focuses on the latest changes in the legislation relating to the coordination of economic policies. The last chapter describes the influence of the most essential tools for coordinating the countries of the Visegrad Group. Assesses the extent differences involvement Slovakia coordination process, as the only state that groups that have adopted the euro . Assesses the impact of the crisis on developing coordination and lightly touching the issue of the future adoption of the euro in the countries of the Visegrad Group, which still use the national currency.
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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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Euro crisis or the crisis of public finance?
Pavelčík, Pavol ; Řežábek, Pavel (advisor) ; Zeman, Karel (referee)
The diploma thesis focuses on the current economic problems of the eurozone, which are caused by the existence of independent monetary policy and seventeen fiscal policies. The theoretical part describes the complex relationship of fiscal and monetary policies as well as the optimum currency area criteria. The practical part analyzing monetary policy in terms of inflation, inflation differentials, development of the real effective exchange rate, credit expansion and the impact of low interest rates on the creation of housing bubbles. Analysis of fiscal policy focuses on the criteria of the Stability and Growth Pact in terms of the fiscal deficit and government debt development. At the end, the diploma thesis provides a brief description of the new fiscal agreement and the European Stability Mechanism treaty.
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The Impact of the Economic Governance Reform of the EU on the Position of the European Commission
Lukášková, Sára ; Abrhám, Josef (advisor) ; Cihelková, Eva (referee)
The need to improve the economic governance of the EU occurred during the financial crisis when many member states experienced recession. The fact that each member state was influenced differently shows us the two main weaknesses of the EMU: economic heterogeneity of the member states and deep public debt. Existing fiscal rules were proved to be ineffective and unenforceable. The topic of this master thesis is the analysis of the impact of the economic governance reform on the position of the European Commission. The thesis deals only with one aspect of the reform- the budgetary surveillance framework. The thesis explains that this reform was necessary for improving of the EMU and it deals with the impact of this reform on the position of the European Commission. The analysis is based on the comparison of legal acts concerning the budgetary surveillance framework before and after the reform.
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Analysis of current development in the Eurozone and its possible future development
Leopoldová, Lucie ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
The aim of this thesis is an analysis of the current sovereign debt crisis in the Eurozone. In the first part the establishment of the Euro area is described and the key events which preceded it. Subsequently, the paper discusses the the origin and causes of the crisis in general and then in particular, in the most indebted countries in the Eurozone. The second part concerns about current development of the situation, including measures approved to stop the crisis. Last chapter analyses the possible solutions of the crisis and the direction, in which the Eurozone, or more precisely Europe, might head towards.
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Integration state of the Czech Republic to the Eurozone
Krčmařová, Klára ; Čajka, Radek (advisor) ; Sedláček, Jiří (referee)
This bachelor thesis on the theme "Integration state of the Czech Republic to the Eurozone" focuses on the adoption of the euro by the Czech Republic. The work starts with the historical facts of the European Integration and integration of the Czech Republic into Europe. The work also describes the complex development of the Czech Republic from the perspective of all necessary criteria of nominal convergence and indicators of real convergence. In connection with the criteria is also mentioned the Stability and Growth Pact. One chapter is entirely about the Czech readiness to join the Eurozone. Specifically, this work describes the organisational and legislative measures. In conclusion, the work summarizes the possible positive and negative effects of the euro and also outlines the likely evolution and the term of the single currency in the Cech Republic.
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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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