Zhodnocení možností měnové integrace v Evropě

Abstract

The thesis deals in particular with the evaluation of the Member States of the European Union, which have not yet adopted the euro, if they are suitable candidates for the adoption of the euro common currency. The evaluation is based on the calculated OCA index values and on the fulfillment of the convergence criteria. The first part of the thesis focuses on the monetary union and above all on the theory of optimal currency areas. In this part are described the basic criteria of the theory of optimal currency areas, the meaning and the theoretical calculation of the individual indicators used for calculating the final OCA index. The following section evaluates the fulfillment of the convergence criteria. The euro area is compared to the European Union with using macroeconomic indicators. In the last part of this work, is the calculation of the OCA index, which can be used as a supplement to deciding whether to accept the euro or not. The Bayoumi and Eichengreen methodology was used to calculate the OCA index of member states of the European Union for three periods 1997-2006, 2007-2016 and 1997-2006. Finally, it is assessed for which countries the adoption of the euro would be appropriate or inappropriate.