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How much convergence has been achieved between Central and Eastern European (CEE) economies and the eurozone? We explore this question by comparing long-run volatility trends in CEE currencies and the euro. We find that these trends are closely correlated, pointing to convergence in the economic and financial structures of these economies. Nonetheless, the degree of commonality remains weaker than what had been found for major European currencies before the introduction of the euro. Spillovers of volatility across regional markets appear to have diminished over time, with the exception of the Hungarian forint, which remains a source of volatility shocks to regional currencies.

Electronic books. -- local. --- Foreign exchange rates -- Econometric models -- Europe. --- Monetary policy -- Europe. --- Finance --- Business & Economics --- International Finance --- Foreign exchange rates --- Monetary policy --- Econometric models --- Monetary management --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Economic policy --- Currency boards --- Money supply --- Exports and Imports --- Finance: General --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Financial Markets --- Externalities --- Monetary economics --- Currency --- International economics --- Currencies --- Currency markets --- Spillovers --- Monetary unions --- Money --- Financial markets --- Financial sector policy and analysis --- Economic integration --- Foreign exchange market --- International finance --- Czech Republic