出版社：Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies ; CEEOL
摘要：This paper discusses the exchange rate policies in the three stages of the euro
adoption process. In the first stage, i.e., after EU accession but before ERM II
entry, the exchange rate becomes a matter of “common concern” according to the
Treaty. The paper argues that in the modern conditions, this has no real meaning
besides mutual consultations on macroeconomic policy issues. In the second
stage, common concern becomes institutionalized under the ERM II mechanism. Its
main advantages and risks are discussed, and the arguments for minimizing the
length of this stage are presented. In the third step, the exchange rate
stability criterion is assessed before the country is allowed to adopt the euro.
The paper discusses the open issues in the interpretation of this criterion.
Finally, the current state of the Czech euro adoption strategy is described.
关键词：monetary integration, euro adoption, convergence criteria, ERM II
