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The Economic Importance of Splitting the European Monetary Union
Peľak, Branislav ; Žamberský, Pavel (advisor) ; Neumann, Pavel (referee)
From recent research on optimum currency areas it is clear that the European Monetary Union does not represent an optimum currency area. Since 2008 the countries of southern part of the eurozone have found themselves in a financial, economic and debt crisis. Therefore a question about the economic importance of splitting the European Monetary Union arises. The aim of this thesis is to give answer to the question of how to divide the eurozone so that the newly formed monetary unions could be considered optimum currency unions, alternatively, so that the newly formed monetary unions are more optimal than currently the eurozone is. Using the method of analysis and synthesis we have reached a decision to divide the eurozone into two parts. One part comprising the southern countries -- Portugal, Spain, Italy, Greece, Malta and Cyprus and the other part comprising the rest of the eurozone.
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Current financial and economic crisis and the entry of the Czech Republic into the European Monetary Union
Strnad, Petr ; Koderová, Jitka (advisor) ; Hýla, Pavel (referee)
This Diploma Paper provides an analysis of the Czech Republic convergence process, which importance grows more in the period before entry into the European Monetary Union. The convergence is evaluated on the basis of three criterion units which are standing alone but fading into each other. It is the Nominal convergence including Maastricht criteria which have been stated in the Treaty on European Union, then Real convergence criteria and criteria which accompany the development of the Optimum Currency Areas Theory. The theoretical part gives the definitions of particular criteria and draw the attention to potential problems which can occur by their interpreting. In the practical part there are comparative characteristics used to analyze achieved state of the convergence in the Czech Republic in relation to EU countries and euro area countries. This part attends also to monitoring the current financial and economical crisis and it's impact on individual indicators.
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The role of the Czech national bank after the accession of Czech republic to the monetary union
Dráská, Johana ; Ježek, Tomáš (advisor) ; Dočkal, Dalibor (referee)
The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis.
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The OCA Theory and its application to tranzition economies
Stehlík, Petr ; Chytilová, Helena (advisor) ; Chytil, Zdeněk (referee)
The goal of this bachelor paper is to answer a question, which transition economy best fulfills the optimum currency area criteria in relation to the European Monetary Union. The first part deals with history of the OCA theory. I focus on important papers (Mundell, Kenen, McKinnon etc.), which gives proper insight to summarize the optimum currency area criteria. These criteria are the background for analytical part of the thesis. I analyse these criteria separately. According to analysis I assign coefficients for each kriteria and for each economy. In the conclusion I compare transition economies and we try to find out, which economy best fulfills the optimum currency area criteria in relation to the EMU.
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