This paper argues that there are conditions for successful euro area (EA) accession, apart from fiscal rectitude. One is an ex ante critical mass of real convergence which should enhance lasting nominal convergence. Another condition is an overhaul of EA mechanisms and policies that should make it a properly functioning monetary union, which implies an adequate mix between risk-reduction and risk-sharing. It is argued that risk-sharing cannot be secured by private sector arrangements only. Entering the ERM2 is deemed to be no less demanding than euro area accession per se, especially for countries that use fl exible exchange rate regimes. The paper examines also the infl uence of production (value) chains on the efficacy of autonomous monetary and exchange rate policies when it comes to controlling external imbalances; macro-prudential policies, too, are highlighted in this regard. Steady productivity gains are a must for surmounting the middle income trap and achieving sustainable real convergence.

中文翻译：

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回顾欧元区加入条款：财政上的决心还不够！

本文认为，除了财政上的正确性外，成功加入欧元区还有一些条件。一个是实际会聚的事前临界质量，应会增强持久的名义会聚。另一个条件是对EA机制和政策的全面改革，应该使它成为一个运转良好的货币联盟，这意味着在降低风险和分担风险之间要有适当的组合。有人认为，不能仅通过私营部门的安排来确保风险分担。进入ERM2的要求不亚于加入欧元区本身的要求，特别是对于使用灵活汇率制度的国家而言。本文还研究了生产（价值）链在控制外部失衡方面对自主货币和汇率政策效力的影响。宏观审慎政策 在这方面也要强调。要克服中等收入陷阱并实现可持续的实际融合，必须要有稳定的生产率增长。