The debate that rages around the concept of austerity, specifically in Europe, lacks context. This paper strives to show that successful reforms are 1) pragmatic in their nature, 2) piecemeal in ideology, 3) mandated by supranational institutions that disregard national sovereignty, 4) unattainable prior to the crisis and 5) long-term in their timeframe. Reforms have had beneficial implications above and beyond fiscal austerity. In the case studies of Ireland, Spain and Greece, the reforms instituted are laid out and evaluated. In each case, reforms achieved a different outcome but allow one to see the merits of well-regulated free market capitalism. When reform is appreciated, the legacy of the European and Troika response to the crisis becomes more appropriate.

The aim of this thesis is the euro as a common curency of selected member states of the European Union, that create a eurozone or euroclub. Information about the impact of this currency into the eurozone and specially the Slovak Republic should bring the conclusions that could make this process for the Czech Republic- by useful advices- transparent and easier. The thesis is based on method of comparison of what happened in the today eurozone before the euro and after it. Gained facts are used as a guideline to prepare suitable advices that are mentioned in the text and especially in the last chapter. The thesis is composed of four chapters, each of them dealing with different aspects of what was before euro and what the euro is and how it functions in changing circumstances in the background of world economic depression and fiscal problems in many EU member states. Thesis also describes the authorities responsible for euro in the European and Slovak level. Chapter One is introductory and describes the history of process, that had led during many phases and good or bad periods of time through different concepts into the definitive result called euro. This chapter is divided into three subchapters. It describes the history of common currency concept in the European Communities and results in...

This thesis analyses the progression of the average wages of the countries in the Eurozone between 1996 and 2017. The purpose of this study is to examine if the wages in those countries have converged during this period and the impact of adopting the Euro had. To answer that question, data has been collected for every country and expose the progression of the average wages relatively to the Eurozone’s average. Furthermore, the thesis employs an econometrical model to conclude if the average wages are statistically different from the Eurozone’s average.  With the above process, this paper concludes that there is no significant indication of wage convergence between all countries during the analysed period. However, by omitting Luxembourg, Finland, France, Ireland, Greece and Portugal there are trends of convergence in the remaining countries, both above and below the Eurozone average wage throughout the period. The econometrical model concludes that Finland and France are the only countries whose average wages are not statistically different from the Eurozone average throughout the analysed period. Finally, the adoption of the Euro does not appear to have an impact in terms of wage convergence.

The aim of this thesis is describing development of the EMU, focused on last period, especially impacts of financial crisis. The theoretical part is devoted to the monetary integration itself, its historical development in Europe and the theory of optimum currency area. Attention is focused to the entry criteria of monetary union. The final capture is aimed on general conditions of integration ČR to EMU.

The purpose of the thesis is to analyze the causes of economic crisis in Europe, identify the fundamental reasons and propose possible solutions to it. The first chapter provides a theoretical basis for various aspects of economic cycles based on current loans. The second chapter focuses on the causes of the global financial crisis and the reasons of the crisis in Europe. The third chapter analyzes the development of the EU foreign trade since 2002 and the territorial structure of the latter, as well as the situation in the real economy. Finally, the last section discusses potential solution approaches to the economic crisis in Europe.

This paper looks at the determinants of bond yields for a select group of Eurozone countries, during the European sovereign debt crisis. In addition to traditional determinants of spreads, which include credit risk, liquidity risk and international risk aversion, this paper looks at the role of credit rating agencies. The movements of countries’ yields during the debt crisis played an integral role in the resulting bailouts by the European Union. Using expected data published by the European Commission, the results of the model were in line with current literature, with the exception of the effect of budget deficits. One interpretation of the conflicting results is that during a debt crisis what market participants care about is growth, not austerity. Including the effect of credit ratings showed that credit ratings have high predictive power.

The object of this thesis is the revision of the exchange rate mechanisms ERM II from the point of his effect on the Czech Republic's integration process. In this thesis, there are analyzed benefits and risks cussed by ERM II participation and inferred conclusions relevant for the Czech Republic. This thesis is moreover dealing with hypothetic run of the participation of Czech koruna in ERM II and its incidence on fulfillment of exchange rate criterion. Except that there are analyzed reasons for current negative attitude of Denmark, Great Britain and the Northern Ireland and Sweden to third period of the Economy and monetary union.

European integration is a unique project, based on which, after centuries of war, Europe commenced economic and political cooperation. However, as it is shown particularly in recent years, European diversity, either in terms of language, cultural background or economic development, is so present, that what is beneficial for some Member States of the European Union, may not necessarily be beneficial for all Member States of the European Union. After less than 20 years since the establishment of the European Union, we are witnessing the convergence process, which is far from finished, nevertheless it already encountered problems that will be faced many more years. While the most developed and the richest Member States continuously contribute to the EU budget, the other Member States, especially in southern Europe, they are still in the position of recipients of financial help. The recent development shows that the process of catching up is not as fast as expected, but it is very expensive. The introduction of economic and monetary union, on such a large and diverse territory proves to be short-sighted, mainly due to the absence of sufficient coordination of the fiscal policies executed by each of the Member States.

The thesis deals with economical changes in the Slovak Republic since the breakup of the Iron Curtain to the adoption of the common European currency in 2009. There are discussed social and economic reforms, which significantly contributed to meet the nominal convergence criteria. In the practical part are monitored various macroeconomic indicators, which are helpful to find the right way of Slovakia. Slovakia has a better economic situation after euro adoption. The thesis also watching the situation in the Czech Republic and evaluating whether the Czech Republic should adopt the euro or not.

This diploma thesis describes the formation of The European monetary union, financial situation of the member countries before the start of the debt crisis in eurozone. The thesis focuses on the PIIGS countries, which includes Portugal, Ireland, Italy, Greece and Spain. Consequently it deals with the course of the debt crises, the financial support provided to PIIGS countries and possibilities of the future development of the EU, respectively eurozone.