The goal of this diploma thesis is to assess the suitability and readiness of the Slovak Republic to adopt a single European currency. In analyzing the costs and benefits relating to Slovakia?s accession to the EMU, this thesis is guided by the theory of the OCA. The thesis provides a survey of the OCA theory, attempts to measure some of the OCA indicators and calculate OCA index for Slovakia. The results suggest that Slovakia fulfils the necessary condition for joining the monetary union, i.e. it is relatively well aligned with the euro area. The diploma thesis concludes that Slovakia is relatively suitable and well-prepared to join the euro area in 2009.

The goal of this diploma thesis is to assess the suitability and readiness of the Slovak Republic to adopt a single European currency. In analyzing the costs and benefits relating to Slovakia?s accession to the EMU, this thesis is guided by the theory of the OCA. The thesis provides a survey of the OCA theory, attempts to measure some of the OCA indicators and calculate OCA index for Slovakia. The results suggest that Slovakia fulfils the necessary condition for joining the monetary union, i.e. it is relatively well aligned with the euro area. The diploma thesis concludes that Slovakia is relatively suitable and well-prepared to join the euro area in 2009.

Syftet är att undersöka om Sverige tillsammans med ett eller flera av de nordiska länderna kan utgöra en optimal valutaunion. Utifrån ett svenskt perspektiv visar resultaten att det är lämpligast för Sverige att ingå i en valutaunion med Norge och Danmark eftersom den ekonomiska integrationen mellan dessa länder har varit störst. Taylors ränteregel visar att Sverige och Norges räntebanor samvarier mest och Optimal currency area-index (OCA-index) visar att Sverige, Danmark och Norge präglas av störst ekonomisk integration. Vi har använt två olika metoder för att undersöka en optimal nordisk valutaunion utifrån ett svenskt perspektiv, OCA-index och Taylors ränteregel. De båda tillvägagångssätten fokuserar på hur ekonomiskt integrerade länderna är, men genom olika variabler och ekonomiska storheter. Ett OCA-index har skapats och skattningen visar att variabeln som beskriver konjunkturcykeln är den som har störst inverkan på den beroende variabeln, växelkursvolatilitet. För att undersöka hur de nordiska länderna har påverkats av chocker har taylor-räntor beräknats och skillnader i korrelation har analyserats. Analysen visar på svårigheter i att mäta ekonomisk integration, något som OCA-teorin hävdar är viktigt för en optimal valutaunion. Beroende på vilken utgångspunkt som väljs varierar resultatet för vilket land Sverige skulle kunna bilda en optimal valutaunion med. Resultaten skiljer sig från tidigare forskning, delvis i tolkningen av variabeln för exportsektorsammansättning och delvis på grund av den studerade tidsperioden. / The aim is to investigate if Sweden constitutes a possible optimal currency area with one or more of the Nordic countries. The results show that Norway and Denmark are the two most suitable partners to join Sweden in a currency union since the economic integration between these countries is the strongest. The Taylor interest rate rule indicates that the interest rate paths between Sweden and Norway correlate the most. The variables in the optimal currency area-index (OCA-index) show that it is Sweden, Denmark and Norway that enjoys the strongest economic integration and therefore constitutes a possible optimal currency area. Two different methods have been used to investigate the possibility of an optimal currency area; the OCA-index and the Taylor interest rate rule. Both methods focus on the level of economic integration between the countries but do this by assessing different economic variables. The OCA-index has been compiled and the estimation indicates that the variable describing the business cycle has the greatest impact on the dependent variable, exchange rate volatility. In order to examine how the Nordic countries have been affected by shocks, Taylor interest rates have been calculated and differences in correlation have been examined. The conducted analysis points toward difficulties measuring economic integration, which according to the OCA-theory is important for an optimal currency union. There are several consistencies between the results of the two methods but also important differences such as which country would be the best partner in a currency union with Sweden. The findings differ from earlier scientific results mostly regarding the interpretation of the variable describing the export sectorial composition and the considered time period.

Diploma thesis, European Monetary Union, its Development and the Future, deals with the reasons, which ultimately led to the foundation of the later European Union and afterwards the European Monetary Union. The journey, which leads up to the present where we are now, lasted for several decades. The experience with the two World Wars on the European territory was the sufficient reason why the European countries embarked on this common journey. In the first part this thesis offers the insight into the past. In short, the most important historical milestones on this road, leading towards the European, respectively the European Monetary Union, are suggested here. The second part of this thesis focuses on current problems of the European Monetary Union. The individual European macroeconomic indicators are compared with the results obtained overseas, particularly in the U.S.A. and Japan. Ultimately, it appears that the EU in comparison especially with the U.S.A. is lagging behind in some indicators. Another part of the thesis is dedicated to the optimum currency area. Is therefore the European Monetary Union the optimum currency area? A few indicators give again the answer to this question. The resulting values of the indicators show that the European Monetary Union is not the optimum currency area today. The reasons can be found particularly in the political than the economic area. Therefore, there is lots of work waiting for the European politicians, officials, but also ordinary citizens, and it will be only up to them, which way the European Union sets out.