Kwantytatywna formuła wyznaczania kursu centralnego w procesie rozszerzania unii walutowej
Quantitative formula to determine central rate in the process of monetary union extension

Summary/Abstract: The paper presents an attempt to construct the formal procedure of estimation of central exchange rate in case of a country accessing to the monetary union. The proposed algorithm is constructed on the exchange rate theory based on the wage productivity understood as the quotient of GDP and labour costs in the economic system. The study takes into regard particularly Polish accession to the eurozone. For countries belonging to the monetary union the average productivity level has been estimated and compared to the Polish productivity. The study results reveal that the current value of productivity in Poland is relatively too low to access the eurozone without consequences. What is more, the monetary union itself does not meet theoretical criteria of constructing the integrative currency area. In this context Maastricht criteria seem to be unsatisfactory.

• Details
• Contents