Euro adoption in the new EU member states
CE Top 500, 2009 videocast
Ludek reviews Euro zone entry and compares the challenges for those on fixed versus those on floating exchange rates in Central Europe. He notes that it’s certainly more difficult for those countries within Central Europe, which are using floating exchange rate, especially because their fiscal policies are not in line with the Maastricht treaty. It seems that the Euro zone entry is not the priority in the region and politicians have been focusing on domestic political agendas instead.
- The importance of Euro adoption has been underestimated in Central Europe.
- Poland is best prepared to join the Euro zone among Central European countries even as early as 2013.
- Countries with fixed exchange rate were the first affected by the financial crisis, especially the Baltic states due to increase of risk premium and disappearing liquidity.
Ludek Niedermayer, Chief economist, Deloitte Czech Republic
Ludek has more than 17 years of expertise in macro economy and EU affairs. Before joining Deloitte, he worked for the Czech National Bank. In his central bank carrier, he was involved in financial market and its regulation, stability and crises management. Later, he worked as vice governor responsible for oversight of Human Resources, Communication, Support services and Information Technology.
He holds RNDr. degree from Masaryk University in Brno, in Theoretical mathematics. He is teaching in seminars and conferences focused on Financial sector and Monetary policy. He regularly publishes articles in economic magazines and newspapers.
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