The euro in CESEE

OeNB conference explores the euro’s meaning for Central, Eastern and Southeastern Europe

The euro in CESEE – that is the topic of today’s Conference on European Economic Integration in Vienna. The conference explores the euro’s meaning for Central, Eastern and Southeastern Europe. At the conference opening, OeNB host Governor Robert Holzmann said: “The euro has transformed Europe in profound ways. Its influence extends far beyond the formal boundaries of the euro area.”

Today, Robert Holzmann, Governor of the Oesterreichische Nationalbank (OeNB), opened the 2024 Conference on European Economic Integration (CEEI) in Vienna. This year’s conference is dedicated to the memory of Olga Radzyner (1957–1999), former head of the OeNB’s Foreign Research Division and driving force in building up the OeNB’s expertise on Central, Eastern and Southeastern Europe (CESEE).  

In his opening words, Governor Holzmann said: “Although the euro has shown remarkable resilience and strength over the past quarter of a century, we cannot afford to rest on our laurels.” According to the Austrian central bank governor, one of the key challenges facing the euro area is the need to complete the banking union and the capital markets union.

People in CESEE trust the euro more than their own national currencies
Recent crises have reignited debates about the risks and benefits of joining the euro area. It is interesting to see how public sentiment in CESEE has been affected by these crises. “Here, the OeNB Euro Survey offers valuable insights. The survey shows that, on average, trust in the euro is higher than trust in national currencies,” said Holzmann.

Over 300 participants have joined the CEEI conference today to discuss these and other important issues under the heading “The euro in CESEE.” This year’s keynote speakers are: Catherine R. Schenk (University of Oxford) and Joshua Aizenman (University of Southern California). They will be joined by many other leading researchers, economists and central bankers.

The CEEI explores major achievements and key challenges in the history of Economic and Monetary Union (EMU). Three panels will look into: (1) the euro and economic convergence, (2) the international role of the euro and (3) completing EMU. The conference day will end with a final panel that will allow central bank governors to look ahead and discuss the future of the euro.

Conference on European Economic Integration (CEEI)
The CEEI is a conference the Oesterreichische Nationalbank (OeNB) organizes every year, sometimes in cooperation with a partner institution. Every fall, the CEEI brings together leading experts in monetary policy, economic research and finance. Traditionally, the conference has a special focus on the perspective of the economies of Central, Eastern and Southeastern Europe (CESEE) – one of the OeNB’s foremost research areas.

For further information, please visit the OeNB website.