Introduction The sovereign debt crisis inside the European Monetary Union (EMU) as well as competitiveness problems of some EMU members made the members and non-members of the club address one question:
Is a monetary union (per se)
advantageous? This analysis proposes an approach to the issue from the vantage
point of a small open economy—namely the Czech Republic. Is it sensible for the
Czech economy to participate in a monetary union like the EMU? What criteria can
we apply to find out? To assess the advantages of joining a monetary union, it is
