Challenges for Central Banks in an Enlarged EMU by Klaus Liebscher (auth.), Univ.-Prof. Dr. Fritz Breuss,

By Klaus Liebscher (auth.), Univ.-Prof. Dr. Fritz Breuss, Univ.-Doz. Mag. Dr. Eduard Hochreiter (eds.)

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At the moment we are involved in various efforts to establish TARGET2, which will provide harmonised core services and apply a single price structure for those core services. In this respect it will be a particular challenge to have TARGET2 in place when the accession countries will join the EMU. A further main issue is the creation of a Single European New Challenges for Central Banks in an Enlarged EMU 59 Payment Area (SEPA) whereby the ESCB cooperates with the Commission and the banking industry.

The necessity of these reforms also stressed by the Lisbon Strategy that was set out in March 2000 by the European Council in Lisbon with the aim to make the EU the world's most dynamic and competitive economy over a ten-year period. The strategy is concerned with increasing labour market participation (especially among women and older people) and labour market flexibility, fostering R & D, social and environmental policies that ensure sustainable development. All of these challenges will require structural changes and reforms and the OeNB is committed to support these efforts.

First, they regress the deviation of inflation rates of euro area counApart from the impact of the Balassa-Samuelson effect on inflation differentials, there are other reasons why enlargement may lead to more asymmetries in the monetary union. First, business cycles in the accession countries may be out of line with the rest of the euro area. Furthermore, asymmetry in monetary transmission in comparison to the rest of the euro area may also make ECB policies more difficult. Accession Countries and ERMII 37 tries form the euro area average on the relative consumer price levels of these countries.

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