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Macroeconomic aspects of Croatia's accession to the European Union

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Mihaljek, Dubravko

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Corporate Editor Institute of Public Finance, Zagreb; Friedrich-Ebert-Stiftung Kroatien
Abstract This paper analyses the main macroeconomic conditions for joining the EU and the European Monetary Union (EMU), the readiness of the Croatian economy to meet these conditions, and the main challenges for economic policy on the road to these integrations. Croatia does not lag significantly behind the other CEE countries in fulfilling the criteria for EU and EMU membership. It has certain advantages with respect to the criteria of macroeconomic stability (with the exception of the budget deficit), investment efficiency, and potential growth. However, delays in the implementation of some structural reforms, in particular the development of a securities market, are estimated at about four years. The main challenges for economic policy in the run-up to EU and EMU are expected to be reducing the budget deficit and stabilising the public debt. Moreover, macroeconomic policies should remain prudent so as to strengthen external stability and maintain favourable conditions for growth.
Keywords Croatia; economy; Central Europe; EU expansion; transformation; monetary union; EEMU; economic growth; stability; economic reform; market economy; transition; inflation
Classification European Politics; Economic Policy
Method applied research; empirical
Free Keywords Croatian economy; Central European economies; enlargement of the EU; convergence to the EMU; economic growth; external stability; budget deficit; public debt
Collection Title Croatian accession to the European Union. Vol. 1, Economic and legal challenges
Editor Ott, Katarina
Document language English
Publication Year 2003
City Zagreb
Page/Pages p. 25-65
ISBN 953-6047-30-6
Status Published Version; reviewed
Licence Creative Commons - Attribution-Noncommercial-No Derivative Works