The main objective of this thesis is to provide an overview of developments and issues in the context of the European debt crisis. Euro as a central aspect of Economic and Monetary Union has a major impact on convergence and existing systemic problems of the EU. The first chapter provides a brief description of the european integration since World War II in the context of Economic and Monetary union. The second chapter defines the concept of nominal and real convergence and dedicates closer to the Maastricht convergence criteria and the Stability and Growth Pact, which was the result of efforts towards closer fiscal coordination. Moreover, it summarizes the main causes of the financial crisis and subsequently analyses its impact on the EUR/USD currency pair. The fourth chapter focuses on the systemic weaknesses of the eurozone with an emphasis on the imbalance in the current account balance of payments. The last chapter summarizes the approaches to solving the debt crisis assuming that current steps taken by eurozone leaders in cooperation with the governments of intebted members fail.

This master’s thesis analyzes whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and evaluation the harmonization of national economic in the Czech republic and in Sweden will be realized in analytical part of this thesis.

This master’s thesis evaluates whether at all and at what level the Czech republic and Sweden meet the Maastricht criteria, because this is a necessary condition for adopting the single currency euro. The theoretical part of this thesis will be focused at theoretical basis, which means the European Union and its history, monetary union and individual convergence criteria. Analysis of actual situation of meeting the Maastricht criteria and analysis of preparedness medium and large business to adopt the single currency of the euro will be realized in next part of this thesis.

Diplomová práce se zabývá problematikou měnové politiky v Evropské unii, respektive v Evropské měnové unii. Samotnému vzniku Evropské měnové unie předcházelo dlouhé období integračních procesů a je spojováno se dvěma mezníky. Prvním mezníkem byl vznik Evropské centrální banky, která představuje jednu z nejdůležitějších institucí a je zodpovědná za provádění jednotné měnové politiky v eurozóně. Druhým důležitým momentem bylo zavedení společné evropské měny, eura. Navzdory podstatným obchodním výhodám spojených s přijetím eura se brzy ukázalo, že jednotná měnová politika nemusí vyhovovat všem zemím kvůli jejich odlišným ekonomickým potřebám a schopnostem, které vyžadují různou měnovou politiku. Tato práce se soustředí na současnou ekonomickou situaci v eurozóně se zvláštním důrazem na otázku dluhové krize.

The diploma thesis is devoted to explanation of Czech position towards European monetary integration. Even though Czechia is committed to adopt euro, the official term has not been set. The main purpose of a thesis is to answer why the Czech Republic postponed entrance into to eurozone indefinitely. The first chapter applies materialistic aspects of liberal intergovernmentalist theory into the Czech context by analysing economic interests on micro and macro level. Detailed cost-benefit analysis results in a slight favour of entrance. However, valid economic arguments on both sides and lack of interest group pressure allow government to adopt waiting strategy. Second analytical part incorporates constructivist theory, particularly defines Czech national identity and its effect on public opinion on eurozone. The thesis refuses exclusive character of the Czech identity and its ability to fully explain postponement of euro adoption. Thesis main contribution to international relation research is final chapter, which extends traditional integration theories by perspective of ideology. Ideological prism seems to present the most eloquent explanation of the Czech position, especially dominance of firstly the Eurosceptic ODS and then populist party ANO, as well as conservative stance of CNB. Despite the fact that...

Global economic and financial crisis uncovered serious structural deficiencies of the EU economies - especially of the Eurozone members. High levels of debt have resulted in inability to honour it and state bankruptcies or necessary debt restructurings are a real possibility. This paper analyzes the current Eurozone crisis on the basis of theoretical and methodical foundations of the Optimal Currency Area literature and theory of economic integration. It evaluates the rationality of the Maastricht nominal convergence criteria and analyzes the role of real convergence criteria in like with the introduction of common currency and common monetary policy. It discusses the non-compliance with the Stability and Growth Pact which was supposed to ensure fiscal discipline also after a country's Euro accession. It also deals with the current developments in the monetary and fiscal crisis of the most affected Eurozone members (Greece, Ireland, Portugal) which have already had to ask for financial aid from the EU and the IMF. Tools and measures adopted in this light by the EU and other national and supra-national authorities are also discussed and their partial evaluation is presented. The final section offers possible alternatives of future development of the Eurozone.

The aim of this work is to analyze the success of European monetary integration and it's contribution to countries, who's economics are, no matter if for the long lasting difficulties or recent transformation, likely to be called hazardous. In the first part, the work concerns itself with the very conception of the idea of European monetary integration and it's development, over the final form of the project, it's accomplishment up till current problem and challenges. The second part is an analysis of chosen countries who belong in the category named above. With this countries I will try to analyze the effect that joining the monetary union had on their economy. In the end I'll summarize the acquired knowledge to evaluate the effect of the common currency on the chosen group of countries.

The dissertation consists of four empirical papers in the field of monetary economics. The first paper examines the extent of real exchange rate misalignment in the selected euro area countries, the next two papers shed light on macroeconomic spillovers in the remaining EU countries which are not part of the single currency area, while the last paper focuses on the exchange rate pass-through in the Czech Republic.