CONFERENCE: Conference on European Economic Integration
21 November 09:00
Austrian Central Bank, Vienna, Austria
Watch keynote lecture by Catherine R. Schenk on 'The history of the Economic and Monetary Union: major achievements and key challenges' at the Conference on European Economic Integration on 21 November 2024 at the Oesterreichische Nationalbank, Vienna, Austria.
Conference outline:
The launch of the euro and the Eastern enlargement of the EU were key events in the history of the EU that occurred within a few years of each other. Euro cash was first introduced in 2002, and the first EU Eastern enlargement round followed in 2004. Of the eight CESEE countries that joined in 2004, five have already introduced the euro. Since then, three further CESEE countries have joined the EU. This has culminated in Croatia becoming a member of the euro area in 2023 and Bulgaria participating in ERM II from 2020. Nevertheless, also those countries that have not adopted the euro or are not even part of the EU are strongly interconnected with the euro area. They all experience spillovers from ECB monetary policy and some are highly euroized. The euro is often used as a settlement or invoicing currency for exports and imports. Kosovo and Montenegro have even unilaterally introduced the euro as the official means of payment. Against this background, the OeNB’s Conference on European Economic Integration 2024 will explore what the euro means for CESEE:
What is needed, and with what priority, for completing the Economic and Monetary Union (EMU)?
How much convergence is needed before a country should adopt the euro? Does euro area membership act as an accelerator or should it be the final step of economic convergence?
Which factors highlight the importance of the euro outside the euro area? What are the risks associated with being a highly euroized country?
How do central bankers describe their experience with the euro over the last 25 years?
And a look into the future: What will EMU look like in 25 years?
