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Conference paper


Hermann von Laer ; Universität Vechta, Vechta, Deutschland

Full text: croatian pdf 176 Kb

page 88-94

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The author is critical of the introduction of the euro from the point of view of national and political economy. His criticism is based on four assumptions. The first is that the introduction of the euro gives rise to certain legal concerns. Some countries had not met the criteria for the introduction of the euro, yet it was introduced, which means that the European parliament and the national governments and their parliaments do no longer respect the due process of law. The second is that the foreign debt whose servicing amounts to a 120 percent of GNP is impossible to repay in those democracies that are not in the position to impose austerity measures that would include several legislatures. The third criticism is based on the fact that European countries are at different levels of development which makes the monetary union much too vulnerable. The fourth criticism refers to the fact that common currency means common policy, and consequently the end of nation-states in Europe. Croatia may join the EU, but this would pose a challenge to its national sovereignty.


euro, European Union, European Central Bank, national interest

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