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CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?

Tomislav Ćorić
Milan Deskar-Škrbić

Puni tekst: engleski, pdf (472 KB) str. 611-637 preuzimanja: 890* citiraj
APA 6th Edition
Ćorić, T. i Deskar-Škrbić, M. (2017). CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?. Ekonomski pregled, 68 (6), 611-637. Preuzeto s https://hrcak.srce.hr/191143
MLA 8th Edition
Ćorić, Tomislav i Milan Deskar-Škrbić. "CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?." Ekonomski pregled, vol. 68, br. 6, 2017, str. 611-637. https://hrcak.srce.hr/191143. Citirano 14.06.2021.
Chicago 17th Edition
Ćorić, Tomislav i Milan Deskar-Škrbić. "CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?." Ekonomski pregled 68, br. 6 (2017): 611-637. https://hrcak.srce.hr/191143
Harvard
Ćorić, T., i Deskar-Škrbić, M. (2017). 'CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?', Ekonomski pregled, 68(6), str. 611-637. Preuzeto s: https://hrcak.srce.hr/191143 (Datum pristupa: 14.06.2021.)
Vancouver
Ćorić T, Deskar-Škrbić M. CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?. Ekonomski pregled [Internet]. 2017 [pristupljeno 14.06.2021.];68(6):611-637. Dostupno na: https://hrcak.srce.hr/191143
IEEE
T. Ćorić i M. Deskar-Škrbić, "CROATIAN PATH TOWARDS THE ERM 2: WHY, WHEN AND WHAT CAN WE LEARN FROM OUR PEERS?", Ekonomski pregled, vol.68, br. 6, str. 611-637, 2017. [Online]. Dostupno na: https://hrcak.srce.hr/191143. [Citirano: 14.06.2021.]

Sažetak
In this paper we analyze different aspects of Croatian path to the monetary union and its current readiness to join the ERM 2 mechanism. Firstly, we present and discuss costs and benefits of euro adoption. Second, we use descriptive analysis to determine Croatia’s current position in relation to convergence criteria and discuss the possible timing of Croatian accession to the ERM 2. Thirdly, we analyze experiences of two NMS peers, Slovenia and Slovakia, before and after joining ERM 2 and highlight key lessons for Croatian policy makers. As Croatia is highly euroised (high FX risk) small and open economy, strongly integrated in EA trade and financial chains, with limited possibilities of monetary policy, the benefits of euro adoption would outweigh all commonly mentioned costs. Regarding convergence criteria, the biggest obstacle of Croatian access to ERM 2 mechanism is the level of public debt but recent developments and adjustments of SGP suggest that Croatia could satisfy the adjusted fiscal criteria already in several years. Experiences of Slovenia and Slovakia show that determined steps towards the euro (primarily ERM 2) can serve as an important policy credibility anchor and put a positive pressure on policy makers to preserve internal and external stability of the country and implement various structural reforms in order to achieve convergence with the euro zone members.

Ključne riječi
Croatia; euro adoption; convergence criteria; ERM 2

Hrčak ID: 191143

URI
https://hrcak.srce.hr/191143

[hrvatski]

Posjeta: 1.639 *