, Volume 35, Issue 4, pp 176–182 | Cite as

Estonia’s monetary integration into EMU

  • Armin Rohde
  • Ole Janssen


Estonia is not only striving for rapid acceptance into the European Union, but it is also directing efforts towards being integrated into EMU without delay. The following article first comments on the extent to which the convergence criteria, as the central precondition for admittance to EMU, have been fulfilled. It then proceeds to discuss the compatibility of Estonia’s present currency board system with the requirement of its participation in the ERM II. Finally, it looks into the consequences of a premature subjection to the ECB’s monetary strategy.


Exchange Rate European Union Gross Domestic Product Monetary Policy Central Bank 
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  1. 1.
    Denmark and the United Kingdom have opting-out clauses to which the derogations apply. See Claus Köhler: Vertragliche Grundlagen der Europäischen Währungsunion, Volkswirtschaftlicher Kurzkommentar, Berlin 1999, pp. 115 f.Google Scholar
  2. 2.
    See Deutsche Bank Research: Osteuropa und die EWU: Wirtschaftsbeziehungen und Beitrittsperspekliven, in: EWU-Monitor, No. 10, Frankfurt/Main, 10th February 2000, p. 15.Google Scholar
  3. 3.
    See Deutsche Bundesbank: Operational features of the new European exchange-rate mechanism, in: Monthly Report October 1998, Vol. 50, No. 10, pp. 17–23, here pp. 20 f.Google Scholar
  4. 4.
    For details see Armin Rohde, Ole Janssen: Europäische Zentralbank und Wechselkurspolitik, in: Diethard B. Simmert, Ernst Welteke (eds.): Die Europäische Zentralbank, Europäische Geldpolitik im Spannungsfeld zwischen Wirtschaft und Politik, Stuttgart 1999, pp. 211–230, here pp. 215 ff.Google Scholar
  5. 5.
    This procedure is called an absurd way in: Deutsche Bank Research, op. cit. Osteuropa und die EWU: Wirtschaftsbeziehungen und Beitrittsperspektiven, In: EWU-Monitor, No. 10, Frankfurt/Main, 10th February 2000, p. 16.Google Scholar
  6. 6.
    European Central Bank: The operational framework of the Eurosystem: description and first assessment, in: Monthly Bulletin, May 1999, No. 5, pp. 29–43, here p. 29. See also European Central Bank: The stability-oriented monetary policy strategy of the Eurosystem, in: Monthly Bulletin, January 1999, No. 1, pp. 39–50.Google Scholar
  7. 7.
    See Armin Rohde, Ole Janssen: Anmerkungen zu den Vorkehrungen für einen stabilen Euro, in: Carsten Lange, Armin Rohde, Horst M. Westphal (eds.): Monetäre Aspekte der europäischen Integration, Berlin 1998, pp. 13–28, here pp. 23 ff.Google Scholar
  8. 8.
    See European Central Bank: Economic developments in the euro area, in: Monthly Bulletin, December 1999, No. 12, pp. 9–57, here pp. 10 f.Google Scholar

Copyright information

© HWWA and Springer-Verlag 2000

Authors and Affiliations

  • Armin Rohde
    • 1
  • Ole Janssen
    • 1
  1. 1.Emst Moritz Arndt University of GreifswaldGermany

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