{
  "title": "Central and Eastern Europe: New Member States (NMS) Policy Forum, 2014, Selected Issues Paper",
  "publication": "IMF Staff Country Reports, April 7, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/index.md",
  "summary": "This Selected Issues Paper’s objective is to illustrate economic benefits and costs from euro adoption by reviewing the main arguments and empirical evidence in Central and Eastern Europe: New Member States (NMS). The parameters of the euro adoption debate have shifted.",
  "sections": [
    {
      "heading": "Objective and scope",
      "content": "- Objective: illustrate economic benefits and costs from euro adoption by reviewing the main arguments and empirical evidence in Central and Eastern Europe: New Member States (NMS).\n- Focus: trade-offs associated with euro adoption given changed parameters of the euro adoption debate since the 2000s."
    },
    {
      "heading": "Main findings",
      "content": "- The country risk premium that countries joining the euro area in the 2000s could expect has \"mostly vanished with the euro crisis.\"\n- NMS that maintained exchange rate flexibility and monetary policy autonomy have, in general, made good use of it.\n- During convergence, nominal currency appreciation:\n  - supported more balanced growth, and\n  - restrained credit and asset price booms.\n- It is an open question whether the macroeconomic volatility of the past decade will recur.\n- If divergent growth patterns and volatility were to repeat, euro adoption would:\n  - constrain macro-policy options, especially for economies with large income gaps and asynchronized business cycles vis-à-vis the euro area, and\n  - place a large burden on other policy instruments to safeguard balanced growth."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- A large burden would be placed on:\n  - counter-cyclical fiscal policy, and\n  - macro-prudential policies.\n- Structural reforms are important to:\n  - boost growth potential, and\n  - facilitate internal adjustment."
    },
    {
      "heading": "Key topics and themes",
      "content": "- Bank resolution framework\n- Banking\n- Currencies\n- Expenditure\n- Exports\n- Financial crises\n- International trade\n- Labor\n- Money\n- Pension spending\n- Pensions\n\nInternational Monetary Fund. European Dept. \"Central and Eastern Europe: New Member States (NMS) Policy Forum, 2014, Selected Issues Paper\", IMF Staff Country Reports 2015, 098 (2015), accessed 9/13/2026\n\n---\n\n Content in this bundle\n\n- cr1598\n  - cr1598 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1598 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/bundle-manifest.json)",
    "Published: April 7, 2015",
    "Series: IMF Staff Country Reports",
    "Objective: illustrate economic benefits and costs from euro adoption by reviewing the main arguments and empirical evidence in Central and Eastern Europe: New Member States (NMS).",
    "Focus: trade-offs associated with euro adoption given changed parameters of the euro adoption debate since the 2000s.",
    "The country risk premium that countries joining the euro area in the 2000s could expect has \"mostly vanished with the euro crisis.\"",
    "NMS that maintained exchange rate flexibility and monetary policy autonomy have, in general, made good use of it.",
    "During convergence, nominal currency appreciation:",
    "It is an open question whether the macroeconomic volatility of the past decade will recur.",
    "If divergent growth patterns and volatility were to repeat, euro adoption would:",
    "A large burden would be placed on:",
    "Structural reforms are important to:",
    "**_cr1598**"
  ],
  "related": [
    {
      "title": "_cr1598",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr1598.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr1598.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr1598.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/central-and-eastern-europe-new-member-states-nms-policy-forum-2014-selected-issues-paper-42854/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T23:57:22.567Z"
}