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Priests of ProsperityHow Central Bankers Transformed the Postcommunist World$
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Juliet Johnson

Print publication date: 2016

Print ISBN-13: 9781501700224

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501700224.001.0001

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The Politics of European Integration

The Politics of European Integration

Chapter:
(p.134) 5 The Politics of European Integration
Source:
Priests of Prosperity
Author(s):

Juliet Johnson

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501700224.003.0005

This chapter analyzes the Hungarian, Czech, and Slovak central banks in depth, tracing their extensive transformations and surprising difficulties with internalization in the context of the European integration process. Hungary represented the best-case scenario, the country that began in the most advantageous political and economic position. Strong leadership and well-paid, well-educated staff made the Magyar Nemzeti Bank (MNB) an ideal candidate for transformation. Not surprisingly, the MNB developed rapidly with community support, particularly in terms of monetary policy and research. Meanwhile, the paired case study of the Czech and Slovak central banks reveals the leveling capabilities of international assistance. Although the Czech National Bank retained the vast majority of the State Bank of Czechoslovakia's experienced staff after the country's split, with the help of the transnational central banking community, the National Bank of Slovakia quickly gained ground on its richer relation.

Keywords:   Hungarian central banks, Czech central banks, Slovak central banks, European integration, Magyar Nemzeti Bank, monetary policy, Czech National Bank, State Bank of Czechoslovakia, National Bank of Slovakia

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