Beschreibung:
Challenges of accession : Estonia Estonia started the transition from a planned to a market economy in quite an unfavorable position. Following a clear rule-based monetary policy has been one central ingredient of the transition strategy in this « environment of change ». Although many other elements of economic restructuring probably carried a big part of the burden also, the monetary strategy has most likely been the single most important factor in anchoring the functioning of the market economy and supporting the stable framework for reallocation of resources and building up new private and public sector institutions. So, it is not surprising that the currency board framework has built up considerable legitimacy among the Estonian electorate. The only obvious alternative that seems to be accepted by the public today is to join the EMU. Bur Estonia must respects Maastricht criteria before joining the EMU and this implies many challenges. JEL classifications : E42, F31, F36, P2