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The Eastern Enlargement of the EU will not be complete until the new member states join the EMU. Economic and political economy arguments point to fast EMU accession of new member states. Failure to do so will create a two speed Europe, a fundamental change in the economic and political architecture of the EU, adding to the strains already evident between core and peripheral countries. Current high level of trade and business cycle integration of new member states with the Eurozone, decreases the probability of asymmetric shocks. Lower transaction costs, elimination of exchange rate risk and the danger of currency crises, further trade and investment creation, lower interest rates and large fiscal gains, should outweigh the loss of the exchange rate as adjustment tool. The Eastern Enlargement of the Eurozone provides comprehensive economic analysis of theoretical, empirical and political issues that will determine whether EMU enlargement is a success, which has implications for all common currency systems.

Fiscal policy --- European Union --- Europe, Eastern --- Europe, Central --- Europe --- Economic policy --- Economic policy. --- Economic integration. --- centraal europa --- europe de l'est --- eurozone --- union europeenne --- Tax policy --- Taxation --- Finance, Public --- europe centrale --- oost europa --- zone euro --- europese unie --- Government policy --- E.U. --- international --- modeles economiques --- situation economique --- internationaal --- economische modellen --- economische toestand --- European Economic Community lite. --- Economics. --- Macroeconomics. --- International economics. --- European Integration. --- Economics, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- European Economic Community literature. --- Management science. --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision