Účast ČR v mechanismu směnných kurzů ERM II

Abstract

The aim of this thesis is to analyse the exchange rate mechanism ERM II. Attention work is primarily devoted to an analysis of potential risks and benefits that this mechanism to the countries participating in it brings. Also discussed the issue of possible accession of the Czech Republic into the mechanism and to assess whether participation in this mechanism is beneficial for the Czech Republic or, conversely, a disadvantage. The thesis is divided thematically into three sections. The first chapter deals with the content of their exchange rate systems, classification and their influence on economic policy. In other parts of the chapter, attention is paid to the development of monetary integration and monetary systems in the world from 2 19th century to the present. The second chapter is specifically concerned with the fundamental workings of the European Exchange Rate Mechanism, ERM II, the contents of the chapter is devoted to clarifying the nature and rules of operation that is needed during their stay in the mechanism comply. Furthermore, the basic scenario discussed setting the central parity of concrete examples of countries that have successfully completed the stay in ERM II. The third chapter is devoted to analyzing the benefits and risks, which are membership in the ERM II connected. At the end of each chapter are the risks and benefits discussed in terms of their potential impact on the Czech Republic, if the mechanism in a future entry.