Proceedings of the 18th International Academic Conference, London

METHODOLOGY FOR EXAMINING THE ECONOMIC CONVERGENCE: SELECTED ISSUES AND ECONOMETRIC MODELING TECHNIQUES

KATEŘINA DVOROKOVÁ

Abstract:

The article is devoted to the problems of the international monetary system with the stress on the global crisis that revealed the vulnerability of modern financial markets. The main goal of the article is to evaluate reform efforts done by the International Monetary Fund and European Central Bank. Closer attention is focused mainly on the reform efforts that have been triggered by contemporary financial crisis. The analysis provides two highly probable scenarios of the euro area future development. European Monetary Union will either partially break apart when economically weaker countries leave, or it will maintain the existing member base with a gradual transition to the full Economic and Monetary Union.

Keywords: European Central Bank, EU, International Monetary Fund, economic crisis

DOI: 10.20472/IAC.2015.018.033

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