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Implications of the euro for the integration process of the transition economies in central and eastern Europe

This paper discusses some of the consequences and challenges of the introduction of the euro for the transition economies in central and eastern Europe (CEE). The first part of this paper identifies the various channels through which EMU may affect financial and commercial relations in central and eastern Europe. The second part of this paper turns to a discussion of the institutional implications for those transition economies that have applied to accede to the EU.