Währungspolitische Optionen für die mittel- und osteuropäischen Beitrittskandidaten zur EU

The authors discuss the exchange rate policy options for the individual emerging market economies in Central and Eastern Europe whose aim is to become a member of the euro zone. Using different methodological approaches (game theoretic macroeconomics, applications of club theory to monetary unions etc.), they come to the conclusion that the group of countries mentioned should follow a 'snake in the tunnel' strategy. This strategy was already pursued in the 1970s by those countries which later on became founding members of the EMS I.