Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264663 
Year of Publication: 
2002
Series/Report no.: 
Working Paper No. 71
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
This paper estimates the readiness of the Accession Countries of Central and East Europe for EMU or for unilateral euroisation using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal convergence) and by Optimum Currency Area theory (real convergence). The algorithm reveals that Estonia and Slovenia are the leaders in both nominal and real convergence, whereas the other countries from the 1998 Accession Wave have achieved substantial results only in real convergence. Moreover, Poland is excluded from the leading group in the most recent years due to its worsened economic performance.
Subjects: 
CEECs
Optimum currency area
EMU
fuzzy cluster analysis
nominal and real convergence
Document Type: 
Working Paper

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