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The Experience of the Eurozone Periphery Countries – The Arguments for and Against Poland Joining the Eurozone
Abstract
RESEARCH OBJECTIVE: European Economic Community (EEC) was founded in 1958, and included a group of countries poised to significantly reduce or even eliminate the commercial barriers in the mutual commercial exchange. In 1993, the EEC morphed into the European Union (EU). The Economic and Monetary Union (EMU) set up by the Maastricht Treaty in December 1991, functioning within the framework of the EU, has proven to be the highest form of integration of the eurozone countries. The experience gained to date allows SWOT analysis of such integration. Hence, this article is poised to analise the experience of the eurozone periphery countries and weigh the arguments for and against Poland joining the eurozone.
THE RESEARCH PROBLEM AND METHODS: To reach the purpose set by the article, the authors applied a model resembling the SWOT/TOWS analysis as well as presented the case studies of the selected analised states.
THE PROCESS OF ARGUMENTATION: Following the presentation of the gist of economic and monetary integration, the authors analised, with the use of the presented method, the positives of the introduction of a common currency, also pointing out the long, medium and short-term costs of the introduction. The opportunities and threats of such integration may be assessed with the experience of the eurozone periphery countries.
RESEARCH RESULTS: It was noted that the weaknesses, i.e. the costs and threats largely determine the strengths and opportunities.
CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: The crucial conclusions were formulated on the basis of the analysis of the experience of Greece, Spain, and Portugal. The issue of bringing euro as a common currency to Poland is still current and widely discussed by the politicians, lawyers including constitutionalists, economists.
Keywords
The Economic and Monetary Union (EMU) ; periphery countries ; government policy ; legal regulation ; eurozone
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