Joining Eurozone: Baltic States Benefit, Romania and Lithuania Left Out.
The article examines whether countries in Central and Eastern Europe are ready to join the European Monetary Union (EMU) based on the Optimum Currency Area theory. By analyzing the similarity of business cycles, it was found that the Baltic states could benefit from forming their own currency union, while Lithuania and Romania are not ready to join the EMU. Most candidate countries' industrial cycles are related to Germany's, suggesting they could benefit from joining the EMU.