One Currency, Two Europes

Dallago, Bruno

doi:10.1142/9949

Cited by 10 publications

(4 citation statements)

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“…Monetary integration with the euro area, with the fiscal expansion continuing at the same level as it has so far, will undoubtedly lead to a growth in prices. However, contrary to Spain, that growth may be even higher due to the aforementioned labor market tensions (Klimiuk, 2016;Dallago, 2016).…”

Section: Discussionmentioning

confidence: 99%

“…However, Poland already does fulfillor has fulfilled in the pastmost of them, and thus it appears that it is the lack of political will that is the greatest obstacle on the path to adopting the euro. Also, public opinion polls confirm the Polish society's reluctance to switch to it (Dallago, 2016;Piasecki et al, 2019). The key argument in favor of rejecting the idea of the monetary union revolves around the fear of an increase in prices and, consequently, a reduced standard of living (Thalassinos et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

“…The fear of inflation is being inflated by politicians talking of a radical growth in prices that occurred in the euro area countries after they introduced the single currency. Many scientific reports do not confirm an increased level of inflation in the Economic and Monetary Union (EMU) at the aggregated level (Lopez et al, 2012;Meller et al, 2012;Dallago, 2016;Drakos et al, 2020). However, despite the initial convergence, price differences began to grow between the member states with time (Rogers, 2007;Fritsche et al, 2011).…”

Section: Introductionmentioning

confidence: 99%

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Adopting the Euro will Cause an Increase in Prices: A Study on Inflationary Processes in Euro Area Member States

Nowaczyk¹,

Hernik²

2020

ERSJ

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Purpose: The main purpose of the article is to identify factors that may affect the course of inflation processes in Poland after the adoption of the single European currency. Design/Methodology/Approach: The mechanism triggering an inflationary spiral in the first years after the adoption of the euro was especially visible in Spain, which became the subject of comparative analysis. Based on literature, it was determined that the price increase in Spain resulted from an asymmetric demand shock. Its sources should be sought in Spain's adoption of a lower interest rate and in the structural features of the country's economy. Similarly, Poland's submission to the single monetary policy regime imposed by the European Central Bank may affect the course of inflationary processes. This study made use of the document analysis, comparative analysis, and statistical analysis methods. Findings: Factors that may affect inflation processes in Poland after the adoption of the single currency will be the adoption of a lower interest rate, and expansionary fiscal policy. Lending policy and inflation expectations will be less likely to stimulate price increases. These factors may contribute to the occurrence of asymmetric shock, i.e. surplus of global demand over supply. Reduction of the inflation risk will require a tightening of lending and fiscal policy. Otherwise, the Polish economy will be exposed to the occurrence of crises. Practical Implications: Reflections on the importance of the single European currency in the course of inflation processes can be a valuable source of information for decision makers in preventing crisis phenomena. The more so because six Central and Eastern European countries have committed themselves in the Accession Treaties to the introduction of the euro and will face similar dilemmas.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Adopting the Euro will Cause an Increase in Prices: A Study on Inflationary Processes in Euro Area Member States

Nowaczyk¹,

Hernik²

2020

ERSJ

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“…This asymmetry made even more evident the difficulty of bringing together, within a monetary union, member countries characterized by extremely different growth models (Hancké 2012 ; Hassel 2014 ), for which institutional convergence has proved to be more challenging than economic convergence (Schönfelder and Wagner 2019 ; Alesina et al 2017 ). Perhaps even worse, the crisis accelerated the divergence between resilient and vulnerable countries within the Eurozone, which made the implementation and governance of common policies increasingly difficult and in the end unsustainable (Dallago 2016 ).…”

Section: European Semester: Aims Processes and Outputsmentioning

confidence: 99%

Socio-Economic and Political Challenges of EU Member Countries: Grasping the Policy Direction of the European Semester

Casagrande

Dallago

2021

Comp Econ Stud

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The European Semester (ES) and the country-specific recommendations (CSRs) have been introduced with the purpose to promote flexibility and adaptation to national circumstances in the governance of fiscal policies. To assess whether the ES has contributed to reconcile economic and social objectives, we measured, through the distance to frontier (DTF) score methodology, the distance of each member country from a benchmark based on EU aims and values defined in the EU treaties. Results show that EU member countries are far from the benchmark and CSRs have not prevented a progressive deterioration of stability and cohesion from an economic, political and social perspective. A content analysis of the CSRs issued from 2011 to 2018 and a comparison with the DTF scores reveal a weak connection between member countries’ performance and CSRs. Despite the social content of many CSRs, we actually observe a “commodification” of their goals. CSRs promote a society functional to flexible and competitive markets, and compatible with the requirements of fiscal discipline and sustainability. This neoliberal approach apparently played a role in the EU deterioration and makes the “socialization” of the ES a process with ambiguous implications for European citizens.

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European Higher Education: Challenges and Achievement

Dallago

2020

Comparative Economic Studies in Europe

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One Currency, Two Europes

Cited by 10 publications

References 0 publications

Adopting the Euro will Cause an Increase in Prices: A Study on Inflationary Processes in Euro Area Member States

Adopting the Euro will Cause an Increase in Prices: A Study on Inflationary Processes in Euro Area Member States

Socio-Economic and Political Challenges of EU Member Countries: Grasping the Policy Direction of the European Semester

European Higher Education: Challenges and Achievement

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