Exchange rate tool as a mechanism for the EU monetary integration

Abstract

This article reviews the process of monetary integration of the ten Central, East- ern and Southeastern European EU Member States that joined the EU in 2004 and 2007: Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Slovenia and Slovakia. It contains a brief overview of the developments during the half decade since the 2004 enlargement. The future course of monetary integration is analyzed in the context of global financial and economic crisis.