Euro area enlargement: dilemmas and strategies after the crisis

Abstract

The main challenges for the New Member States after joining the European Union were Euro adoption and dealing with the economic crisis. This paper explores the impact of the economic crisis on the New Member States of the European Union, both for the four NMS countries that joined the euro area, and also for the eight countries which intend to do this in the next few years. The paper begins with an overview of the current situation and analyses the economic performance of the 12 NMS of the EU based on the Maastricht Treaty criteria. Finally, we are considering an answer to the question: is it necessary to reshape the Euro–area entry rules?