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According to the author, the introduction of the euro has created the second largest economic space in the world. However, this economic space is not without its quandaries. For example, the author predicts that the exchange rate for the euro is going to increase only after the conditions for investments within the euro space have improved. All the EU governments must work on structural reforms of the labor market & the social policy. This will be facilitated once the euro has become an international currency equal to the dollar. For this to occur, a political union in Europe must be created since a successful currency needs political clout as a back-up. Adapted from the source document.

The paper looks into the justifiability of cirticisms levelled at the role of the World Bank. The meaning & guidelines of two major legal & economic reforms in Croatia are outlined: the changes in labour laws & the implementation of pension reform. The first part of the text deals with the role of deregulation policy, which has probably improved labour market flexibility, but also significantly increased job insecurity. The second part is devoted to the pension reform as an example of privatizing public service sector. The paper investigates the goals of the World Bank as well as the local reform participants. The final part of the paper offers brief conclusions. The main argument is that the described structural accommodations have been designed primarily with the criterion of economic efficiency in mind while the social aspects have been systematically overlooked. 2 Tables, 4 Figures, 47 References. Adapted from the source document.