Plany reformy strefy euro – analiza porównawcza
Reforms Plans for the Eurozone: A Comparative Analysis

Summary/Abstract: The study is aimed to examine, assess, and compare selected reform projects of the Eurozone. The ideas for the restructuring of the Monetary Union have been divided into two groups. The first group, represented by the so called ‘classics’, includes integration methods proposed by the optimum currency area theory. It means a wide use of market mechanisms in the management of the Eurozone, which is connected with the expansion of the flexibility of the economy or its sectors. The second approach, presented by the so called ‘institutionalists’, assumes the restriction of the flexibility of economies and full synchronisation of business cycle phases. Supporters of this concept see the need to increase the role of institutions and Community regulations in the common governance of the Eurozone economy. The implementation of the concept proposed by the ‘classics’ means a radical change in the existing integration method because they propose decentralisation of budget policies and managing the Eurozone through financial market mechanisms. On the other hand, the concept proposed by the ‘institutionalists’ is identical with a deep interference of the Community (supranational) level in economic management whereas there is no convincing evidence that the synchronisation of business cycles and building of a strong institutional infrastructure will increase the efficiency of economic processes in the EMU countries.

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