Original scientific paper
MAASTRICHT CONVERGENCE CRITERIA WITH A FOCUS ON BOSNIA AND HERZEGOVINA
Željko Marić
; Ekonomski fakultet Sveučilišta u Mostaru, Bosna i Hercegovina
Abstract
The achievement of nominal and real economic convergence is necessary for the candidate countries before their EU accession. The Maastricht Treaty defines the nominal convergence criteria, whose fulfillment offers a guarantee for the country’s readiness to join the Euro zone, after its access to EU. However, the fulfillment of nominal convergence criteria does not represent the real economic convergence that is essential for gaining the net benefits of the common EU market. Very often, the nominal convergence criteria fulfillment disables the achievement of real convergence. The paper aims to present some economically illogical indicators of nominal convergence, as well as to explain, through comparative analysis, the conflict between attempts for administrative fulfillment of nominal convergence criteria and higher real economic divergence. Consequently, based on the comparative analysis of nominal and real convergence and their dependence, the paper offers some recommendations for overcoming the conflict between nominal and real convergence, i.e. for achieving the overall economic convergence. The empirical research is based on the examples from Bosnia and Herzegovina.
Keywords
nominal and real convergence; institutional convergence; economic policy; Bosnia and Herzegovina
Hrčak ID:
153714
URI
Publication date:
30.12.2015.
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