EUROZONE ENLARGEMENT IN TIMES OF CRISIS: CHALLENGES FOR THE V4 COUNTRIES Edited by Agata Gostyńska, Paweł Tokarski, Patryk Toporowski, Damian Wnukowski Warsaw 2014 © Polski Instytut Spraw Międzynarodowych, 2014 Editor Brien Barnett Technical editor and cover designer Dorota Dołęgowska The RASTANEWS project is funded by the European Commission under the Seventh Framework Programme (SSH.2012.1.3-1) The research leading to these results has received funding from the European Union Seventh Framework Programme [FP7/2007-2013] under the grant agreement no. 320278 Scientific research financed from funds for science in 2013–2016 for an international co-financed project ISBN 978-83-62453-69-6 (pb) ISBN 978-83-62453-80-1 (epub) ISBN 978-83-62453-81-8 (mobi) ISBN 978-83-62453-82-5 (pdf) Polski Instytut Spraw Międzynarodowych ul. Warecka 1a, 00-950 Warszawa phone (+48) 22 556 80 00, fax (+48) 22 556 80 99
[email protected], www.pism.pl Printed by: RYKO, ul. Piłsudskiego 17, 05-480 Karczew CONTENTS Introduction . 5 Part I: Eurozone Crisis: Selected Issues Ognian Hishow Overcoming the Intra-European Imbalance: How Much Would Germany Have to Adjust? . 11 Anna Visvizi Greece: Eurozone’s Weak Link . 19 Zoltán Gál Role of Financial Sector FDI in Regional Imbalances in Central and Eastern Europe. 27 Part II: Eurozone Enlargement: Economic and Political Challenges for V4 Countries Ettore Dorrucci Enlarging the Euro Area: Four Lessons for CEE Countries . .39 Patryk Toporowski The Impact of Monetary Integration on Trade within the Euro Area: The Evidence, Revisited . .49 Julius Horvath Political Economy of Accession to the Euro: The Case of Hungary .