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Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area
Žáček, Ondřej ; Vybíral, Roman (referee)
Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area Abstract The thesis answers a number of questions related to the entry of the Czech Republic into the euro area. The basic premise is that joining the euro area does not consist only in changing of the national currency, but it must be perceived more comprehensively as a transition to the third stage of the Economic and Monetary Union which has been undergoing dynamic development at the institutional level. The main conclusions of the thesis are as follows. The traditional Maastricht convergence criteria, as they are explicitly formulated in primary law, cannot be regarded as the sole conditions for entry into the euro area. Non-legal aspects are also relevant when the fulfilment of these criteria is assessed by the European Commission and the European Central Bank. In addition, several new institutions such as the Banking Union or the European Stability Mechanism have been established in the euro area, but are not taken into account by the Maastricht convergence criteria. This also confirms that entry into the euro area cannot be reduced to a mere change of the national currency. Another important conclusion is that entering the ERM II exchange rate mechanism, which is necessary to meet one of the convergence criteria, is not...
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Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area
Žáček, Ondřej ; Kohajda, Michael (advisor) ; Karfíková, Marie (referee) ; Papoušková, Zdenka (referee)
Legal and Economic Aspects of the Entry of the Czech Republic into the Euro Area Abstract The thesis answers a number of questions related to the entry of the Czech Republic into the euro area. The basic premise is that joining the euro area does not consist only in changing of the national currency, but it must be perceived more comprehensively as a transition to the third stage of the Economic and Monetary Union which has been undergoing dynamic development at the institutional level. The main conclusions of the thesis are as follows. The traditional Maastricht convergence criteria, as they are explicitly formulated in primary law, cannot be regarded as the sole conditions for entry into the euro area. Non-legal aspects are also relevant when the fulfilment of these criteria is assessed by the European Commission and the European Central Bank. In addition, several new institutions such as the Banking Union or the European Stability Mechanism have been established in the euro area, but are not taken into account by the Maastricht convergence criteria. This also confirms that entry into the euro area cannot be reduced to a mere change of the national currency. Another important conclusion is that entering the ERM II exchange rate mechanism, which is necessary to meet one of the convergence criteria, is not...
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The status and activities of the Czech National Bank in the context of European development
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The status and activities of the Czech National Bank in the context of European development Abstract The aim of this thesis is to analyze the legal status, power and scope of activities of the Czech National Bank as the central bank of the Czech Republic with regard to the historical development of this institution and the development of European legislation. The main part of the thesis is focused on possible impacts of euro adoption in the Czech Republic, mainly the impact on legislature, the status and activities of the Czech National Bank. Introductory chapters focus on the historical development and institutional framework of central banks in our country, followed by the description of the main features of the Czech National Bank, with a focus on monetary policy, regulation and supervision of financial markets. The last two chapters deal with the issue of the European Monetary Union, the adoption of the common European currency and the fulfillment of the convergence criteria in the Czech Republic. Keywords Czech National Bank, European Economic and Monetary union, monetary policy and euro
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Adoption of the Euro in the Czech Republic
KLÁSKOVÁ, Lucie
The bachelor's thesis introduces the issue of the theoretical adoption of the Euro in the Czech Republic to which the country was undertaken in the process of accession to the European Union in 2004. There is not fixed date for joining the Euro Area yet, despite meeting part of requirements in the past. The presumption of Euro acceptance is the government decision and to fulfil the criteria. The main aim is to give a detailed description of the process of the switching to the Euro Area with all economic and legal aspect. The thesis describes the history of the Economic and Monetary Union, its current situation, scenarios of adoption and national plan. There are answered the issues of when and how it will be the most profitable way to adopt the Euro and what are the main benefits and risks. In conclusion, there is described and analysed the process of fulfilment of the Maastricht convergence criteria and amendment arising from the transition to the single currency.
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Legality of the Monetary Policy of the European Central Bank throughout the European Debt Crisis.
Matas, Martin ; Tomášek, Michal (advisor) ; Vondráčková, Aneta (referee)
1 Abstract The thesis analyses and critically appraises within a broad context legal disputes concerning the activity of the ECB during the European debt crisis. The analysis is based on legal norms regulating the European monetary union and the political and economic circumstances of their creation. The thesis consists of seven chapters. The first chapter concerns the history of genesis of the Economic and Monetary Union. The second chapter portrays the institutional status, objectives, tasks and instruments of the ECB. It also depicts the components of ECB independence as its key atribute. The third chapter adds some economic thought and theories connected to monetary unions. The theory of optimum currency areas is introduced as well as the costs and benefits of membership in a monetary union. The fourth chapter contains a brief account of the beginnning of the European debt crisis and the measures taken by Member States and the ECB in response to it, particularly the EFSF and ESM mechanisms of financial stability and non-standard monetary policy measures of the ECB. The fifth, sixth and seventh chapters are dedicated to specific proceedings conducted before the CJEU. These are the Pringle, Gauweiler and Weiss cases in which CJEU confirmed that the actions of Member States and the ECB were in accordance...
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Theory of optimal currency areas and its implications in practice
Havičová, Aneta ; Žamberský, Pavel (advisor)
The submitted thesis focuses on the Economic and Monetary Union and its stability or instability with respect to theory of optimal currency areas. The aim of the thesis is to evaluate whether the current euro area is the optimal currency area, what possible ways of reducing the costs of the common currency exist and what are the economic consequences of a potential breakdown of the Economic and Monetary Union. The analysis of the theory of optimal currency areas is the subject of the first part of this thesis and its criteria are evaluated in the second part. The second part then deals with the economic implications of this theory in practice.
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Development of competitiveness in Germany and Italy in the context of the monetary union membership
Kabelka, Petr ; Bič, Josef (advisor) ; Hnát, Pavel (referee)
The master thesis examines the development of competitiveness in Germany and Italy in the context of common currency and outlines the implications of this development. The theoretical part focuses on the perception of competitiveness on national level and the impact of the Economic and Monetary Union membership on the economies and their competitiveness in general. Subsequently, the most commonly observed indicators concerning national competitiveness from a narrower and broader point of view are introduced. In the practical part, broader economic and historical context is presented, followed by an assessment of the competitiveness of both economies on the basis of selected indicators: unit labour costs, the labour market situation, productivity, export performance and structure, nominal and real exchange rate developments and current account developments. The final part analyses the development of competitiveness according to the multi-criteria assessments of the World Economic Forum and the International Institute for Management Development.
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The Motivation of the Federal Republic of Germany behind the Introduction of the Euro
Hadravová, Tereza ; Dvořák, Pavel (advisor) ; Mlsna, Petr (referee)
This bachelor thesis deals with the time period between 1988 and 1990, when the future Economic and Monetary Union (EMU) was formed in the European Community (EC). As an introduction into the topic the author outlines the development of monetary integration in the EC until the establishment of the European Monetary System (EMS). The aim of this thesis is to discuss the main motivation actors, that could have lead Germany, the strongest economy of the EC, to support the project of monetary integration. Possible factors are divided into two main groups - political and economic. Each factor is described and accompanied by an analysis, if and how the factor played a role in Germany's motivation. The part concerning the political background of Germany's motivation begins with the fact, that it was the foreign minister Hans-Dietrich Genscher who introduced the topic of monetary union. The text further deals with the unsustainability of the Bundesbank's dominant status in the EMS and the strong as well as symbolic position of the D-mark. The part about political motives is concluded with a subchapter about Germany's reunification, which too place during the time when the EMU was intensively discussed. Within the economic motivation the author analyses four different economic points of view. The first one...
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The status and activities of the Czech National Bank in the context of European development
Kočová, Olga ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Title: The status and activities of the Czech National Bank in the context of European development Abstract The aim of this thesis is to analyze the legal status, power and scope of activities of the Czech National Bank as the central bank of the Czech Republic with regard to the historical development of this institution and the development of European legislation. The main part of the thesis is focused on possible impacts of euro adoption in the Czech Republic, mainly the impact on legislature, the status and activities of the Czech National Bank. Introductory chapters focus on the historical development and institutional framework of central banks in our country, followed by the description of the main features of the Czech National Bank, with a focus on monetary policy, regulation and supervision of financial markets. The last two chapters deal with the issue of the European Monetary Union, the adoption of the common European currency and the fulfillment of the convergence criteria in the Czech Republic. Keywords Czech National Bank, European Economic and Monetary union, monetary policy and euro
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