ECB paper examines ‘euroised’ economies

European countries’ informal adoption of euro places limits on central banks, says working paper


A working paper published by the European Central Bank analyses the effects of eight European countries’ informal adoption of the euro.

In The transmission of euro area monetary policy to financially euroised countries, Isabella Moder examines Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, North Macedonia, Romania and Serbia. These “euroised” countries have to some extent adopted the euro without belonging to the eurozone, on the lines of “dollarised” economies. 

Moder presents a

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