Would the Balassa-Samuelson Effect Be Real Concern for ECB in the EnlargedMonetary Union?

摘要

This paper discusses the influence of BalassaSamuelson effect on enlarged European monetary union and corresponding adjustment of ECB monetary policy. Firstly productivity divergence and Balassa-Samuelson effect in new EU members (accession and acceding countries) is illuminated, include some arguments on extent of influence. Then follows challenge brought by enlargement to ECB monetary policy and its probable adjustment. In conclusion Balassa-Samuelson effect will be real concern of ECB but not has priority over all other aspects.