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Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
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Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

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Currency Substitution in Anticipation of EU Accession

Currency Substitution in Anticipation of EU Accession

(p.337) 16 Currency Substitution in Anticipation of EU Accession
Monetary Unions and Hard Pegs

Hans Genberg

Oxford University Press

Countries in Eastern and Central Europe that are joining the European Union will eventually also join EMU. The process of accession entails a transition period at whose end the domestic currency is certain to be replaced by the euro. This chapter argues that this programmed demise of the domestic currency may bring about significant spontaneous euroization already during the transition period. If the euro is adopted by the private sector in anticipation of the official changeover, the country incurs a resource cost in the form of lost seignorage.

Keywords:   accession countries, currency regime change, European Monetary Union, European Union, forward-looking expectations, seignorage sharing, unilateral euroization

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