The subject of this paper is consistent with the current challenges of European emerging countries – the sustainable recovery of the development gaps relative to the EU average, increasing economic integration and reducing costs of monetary integration.
The originality of the paper consists in analyzing the connections between these challenges in context in which single currency adoption decision is influenced both by the real convergence process and by the features of the economic integration. To capture the distinctive features of the CEE economies, the author made a comparison with the core and periphery economis from euro area economies, demonstrating that in many respects, the new EU member states are less prone to asymmetric shocks compared to economies like Greece or Portugal.
Each of the important aspects for the development of emerging European economies was examined based on a complex methodology, forcing each time finding relevant answers beyond the superficial presentation of evidence. Whenever research seems to move towards the expected solution, I have extended the analysis perspective, giving to readers enough arguments for an integrative vision.