Tuesday 7 April 2009

Adoption of Euro in Eastern Europe?

Current RGE Monitor mentions the following text, written by the FT:

Accelerated Euro Adoption To Ease Eastern Europe's Woes: IMF Backs The Idea

  • A confidential report, drafted by the IMF, World Bank and the EBRD to support a region-wide anti-crisis strategy, says struggling EU countries in the CEE area should switch to the Euro even without full Euro zone membership: "Without euroisation, addressing the foreign debt currency overhang would require massive domestic retrenchment in some countries, against growing political resistance" (Financial Times)

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