Researh of EU Enlargement and its Impacts on Euro-Area and New-member countries and on the roles of the curo

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Following is the research findings.1. Possibility of currency crisisThe possibility of currency crises is relatively low compared with EMS crisis in 92-93, because the new-member countries are forced to satisfy all convergence criteria of Maastricht Treaty, and also the ERM-II is flexible in the determination of the band. Balassa- While Samuelson effect is very strong in new-member countries, these institutional framework can save them from currency crisis.2. EU enlargement and its impacts on real economyEU enlargement has had the strong effects of large volume of FDI from original members to new members and had synchronized the business cycle of EU members. (endogeneity of optimum currency area).3. The international roles of the euroThe international roles of the euro has been developed since introduction of the euro in the fields of both public and private use in global dimension. But the euro has a paradox that the more the number of countries in Euro Area, the less is the international roles of the euro. In considering the future roles of the euro the most important point of view is foreign exchange rate systems of Asian countries.4. The conference and publicationWe have organized a research member including scholars in Euro Area and new member countries and had held many conferences and seminars in Japan. We are preparing the Book titled Europe at 28: the Enlargement of the Eurozone and its impacts on real economy.