Ezoneplus - Eastward Enlargement of the Eurozone
| Corresponding Researcher | Oliver Pamp |
| Type of Project | EU-funded, 5th Framework |
| Status | completed |
| Duration | 3 years |
| Completed | 2004 |
| Project-Website | [www.ezoneplus.org] |
Ezoneplus Working Papers No. 1-24.
Bolle, Michael (Ed.) 2004:. Eurozone Enlargement - Exploring Uncharted Waters. Berlin: Berliner Wissenschaftsverlag. ISBN: 3-8305-0834-4
Bolle, Michael (Ed.) 2003. Eurozone Enlargement - Reshaping Policies and Social Conflicts. Berlin: Berliner Wissenschaftsverlag. ISBN: 3-8305-0576-0
Bolle, Michael (Ed.) 2002. Eurozone Enlargement - Exchang-Rate Choices and Adjusting Markets. Berlin: Berliner Wissenschaftsverlag
In the summer of 2001 the JMC launched the three-year research project Ezoneplus: The Eastward Enlargement of the Eurozone. The project was co-funded by the European Commission's 5th Framework Programme. The JMC led a consortium that included research institutes and universities from Estonia, Finland, Italy, Poland, Portugal, and Slovenia. This consortium reflected the political, economic and social challenges of the first round of eastward EU enlargement. The project was successfully completed in 2004 and received an excellent review from the Commission's Directorate General for Research.
In contrast to the enlargement of the European Union, accession to the European Monetary Union (EMU) will call for much higher adjustment efforts. It can be expected that even the 'simple' inclusion of formerly communist Central and Eastern European Countries (CEEC) into the EU will cause deep changes within the European institutions as well as in the new member countries. Since the participation of CEEC in EMU and, hence, the introduction of the Euro in these countries will lead to the renunciation of monetary sovereignty, creating additional risks. Different levels of development and continuing economic and political transformation processes in these countries will enforce them.
Thus, Ezoneplus addressed a set of academic questions that had not been sufficiently analysed. The general objectives of the project were:
- the analysis of implications and consequences of a possible expansion of the eurozone by states of Central and Eastern Europe (CEE), associated with the EU, and on the current eurosystem,
- the creation of a communication network between academia, government institutions and the business sector as well as
- the development and discussion of economic policy scenarios.
The economists and political scientists involved have developed an interdisciplinary framework allowing for a comprehensive analysis of the risks involved. Since the project deals with crucial economic, monetary and fiscal elements of the accession, decision makers in the corporate and political world may profit from this venture. This is particularly true for the analysis of structural market adjustments, social stability and political responsibility.