The recent financial and economic crisis led to a deepening of fiscal problems in many countries all over the world. European countries were also hit hard by the economic downturn. The critical situation in Greece and its negative impact on the economic situation in the whole Euro zone has brought up many questions about the rigidity and functionality of the euro concept. A majority of economists and politicians support the idea of saving the Euro zone since the break up would be quite costly. There are many ideas regarding a solution to the current situation, and one of the most radical is the introduction of a parallel currency in the states which are trapped in the debt crisis. The aim of the thesis is to take a critical look at the historical development of different approaches to this theme with a focus on theories based on the devaluation as the solution. The parallel currency theory is compared to Euro zone break-up scenario and hard restructuring option and the positives and negatives of each approach are analysed. Finaly the simulation on the Greeek case is performed to prove or diproved the positive effects of parallel currency establishment. JEL Classification E31, E42, E52, E63, F15, F36 Keywords Parallel currency, financial crisis, the euro, the European Union, the Euro zone

The relation between the euro cash changeover and the perceived inflation in the Baltic countries Abstract This thesis focuses on the effect of euro cash changeover on inflation perception, and its relation to the inflation measured by central banks or by national statistical offices. We present an analyses of inflation gap in Estonia, Latvia and Lithuania at the euro introduction and detect its determinants by econometric methods. We use Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis is divided into two main parts. The first part examines the theoretical background of perceived inflation and focuses at the phenomenon of increased inflation gap at the euro introduction. Second part contains an empirical study on inflation gap. We find out that perceived inflation in Baltic countries does not show such a divergence, as it was presented at the establishment of the Eurozone. Moreover, we find out that education and available income in general has a small, but evincible effect on inflation gap observed at euro introduction.

Práce se zaměřuje na vývoj zahraničního obchodu eurozóny od zavedení společné měny do roku 2006. Je přitom hodnocen vývoj jak vnějšího, tak i vnitřního exportu a importu členských států. V práci jsou nejprve zhodnocena teoretická východiska shrnující základní poznatky o Teorii optimálních měnových zón R. A. Mundella, obohacené o příspěvky Ronalda I. McKinnona a Petera B. Kenena. Zmíněna je i teorie endogenity optimálních měnových zón. Druhá část práce je věnována shrnutí hlavních přínosů, nákladů a potencionálních hrozeb vyplývajících z členství v měnové unii. Poslední část práce se pak věnuje již samotnému exportu a importu eurozóny. Nejprve je zhodnoceno postavení eurozóny na světových trzích, poté je zachycen vývoj jejího vnějšího obchodu. Zde je zvláštní kapitola věnována obchodním partnerům eurozóny a produktové struktuře jejího obchodu. Poslední kapitola celé práce se zaměřuje na vývoj vnitřního obchodu eurozóny. V práci jsou též uvedeny závěry několika analýz zkoumajících vliv členství v měnové unii na zahraniční obchod členských států. Přínosy jsou hodnoceny jak pro eurozónu jako celek, tak i pro jednotlivé členské státy.

The task was to show on an example of Slovakia, which has accepted the euro, in comparison with V4 countries, which have kept their own currencies, that common currency does not necessarily bring only negatives. Current EMU problems don't come from the nature of euro but the key problem comes from the public finance and irresponsibility of politicians. On the base of this knowledge, the work suggests an alternative approach to solve debt crisis on the example of Greece, meaning a fiscal rent of Greek touristic islands. The work also deals with the vision of EMU in future to avoid this kind of problems and to change the overall approach to fiscal policy. I see a solution in monetary-fiscal union, which is based on the new fiscal rule derived from Okun's law and also on common supervision institution over national government budgets with the right to arbitrarily intervene in case of need.

This thesis is principal focused on the question of the future existence and sustainability of the European integration project and its monetary element -- euro-area related to the competitiveness due to consequences of the global financial crisis, present situation and debt difficulties affecting states of Southern Europe, business and financially connected with other European countries. In my considerations and conclusions I also deal with prospective estate in case of various changes of the integration including disintegration, end of the single currency, as well as the factors, that might cause these changes and inflict serious consequences. It is necessary to reveal if the formed situation is acceptable for the member states. The aim of the thesis is to characterize and provide a piece of information about existing progress of the European integration in relation to treaties including competitiveness rating, outline serious issues especially endangering the euro-area and future stability of the whole European Union and analyze its impact, propose solutions and possible scenarios, eventually assess development perspectives and sustainability of the European Union as a complex.

The main goal of this thesis is to design Eurozone budget that would be able to perform stabilization function and thereby help Eurozone member states overcome temporary asymmetric shocks in times of financial and economic crisis. The literature review includes description of principle of fiscal federalism and up-to-date scientific articles dedicated to stabilization function of a budget, European budgetary structures and other issues relevant for the Eurozone budget design. The practical part contains concrete steps to design Eurozone budget, namely identification of its size and also description and quantification of individual revenues and expenditures of the Eurozone budget. Eurozone unemployment scheme consisting of Eurozone payroll tax and unemployment benefits repre-sents autonomous and the most important part of the budget. Eurozone budget is then commented and analyzed as a whole in recommendations and discussion and a few important topics of further research are identified in the conclusion of this thesis.

The diploma thesis deals with the independence of monetary policy of the Czech National Bank on the monetary policy of the European Central Bank. The content of thesis is to allocate and subsequently analyze zones in which foreign monetary policy can influence and restrict realization of monetary policy in small open economy. The aim of thesis is to assess extent of dependency of decision making process of monetary policy CNB on monetary policy ECB. Conclusion and recommendations are formulated based on the results obtained of qualitative and quantitative analysis and comparison of particular monetary indicators.

This thesis explains concepts related to the topic such as central government debt, government debt, public debt, budget system and more. The analytical part is focused on the development of central government debt of the Czech Republic and its structure in the years 2000-2014. The central government debt from the point of view of the holders is divided into domestic and foreign debt. Its development and the development of individual components of these debts are described. In the thesis are also mentioned factors, which influenced the decline in central government debt in 2014. The next section compares the evolution of central government debt in CR and selected EU countries, namely Estonia, France, Italy, Germany, Spain and Greece. The structure of central government debt of selected countries for the period 2000-2010 is also analyzed, especially the marketable state debt that dominates. Its main parts are treasury bills, short, medium and long-term bonds. The thesis also describes the development of the government debt of individual countries and explains its difference from the central government debt. Evolution of government debt, such as percentage of GDP for next year, for the years 2015-2017 is estimated in STATISTICA programme. The causes of the sovereign debt reported by some authors as well as some suggestions for their solution are discussed.

The Thesis Analysis of preparedness of the Czech Republic to adopt the single European currency is focused on integration process of the Czech Republic into the Eurozone. The Thesis is divided into two main parts, the theoretical and practical part. The theoretical part is focused on the history of monetary cooperation in Europe, the European Central Bank and its instruments and also on the European currency. The practical part is dedicated to fulfilling the Maastricht convergence criteria and to procedures that are strictly related to adoption of the European currency, such as selection of scenarios and legislative preparations for euro adoption.

In the first chapter the thesis deals with the historical process of formation of the EU and EMU, in the other words euro area. Second chapter shows us the nominal and real analysis of convergence of Czech republic and Slovakia to the average of the EU 27 and former EU 15. Following chapters are about the process of ingression of Czech republic and Slovakia firstly to the EU and nowadays to the euro area. The aim of the thesis is to compare the process of the integration in these countries.