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U radu se obrađuju emisije optjecajnog kovinskog novca država članica Europske unije koje koriste nacionalni novac kao zakonsko sredstvo plaćanja (države članice s odstupanjem) sa aspekta utjecaja tih okolnosti na obvezu uvođenja zajedničke valute. Godine 2021. to su Bugarska, Češka, Danska, Hrvatska, Mađarska, Poljska, Rumunjska i Švedska. Prema Ugovoru o osnivanju Europske unije države članice ove asocijacije su obvezne (uz dvije iznimke) uvesti zajedničku valutu Unije - euro u trenutku kada ispune uvjete za to. Ovakvo uređenje novčanog suvereniteta u Europskoj uniji implicira da u ovoj zajednici sada postoji devet različitih valutnih područja. Jedno, ujedno i najveće novčano područje je eurozona sa zajedničkom valutom i čini ga devetnaest država članica Unije te osam novčanih područja (država) s nacionalnom valutom. Države članice s odstupanjem su dužne ispunjavati svoje obveze u odnosu na ostvarenje ekonomske i monetarne unije kao najvišeg stupnja integracije. Ove aktivnosti su predmet valorizacije najmanje svake dvije godine ili po zahtjevu države članice s odstupanjem. Novčana rješenja u segmentu optjecajnog kovinskog novca u državama Europske unije sa nacionalnim novcem su različita i drukčija od uređenja u eurozoni. Prije svega se to odnosi na gospodarenje ovim novcem, ali i numizmatičkim aspektima njihovih izdanja kao i tradicijom u pojedinim sredinama. Stoga ovakvo stanje ima i utjecaj na proces uvođenja zajedničkog novca u tim državama. Zajednički optjecajni kovinski novac u Europskoj uniji je euro i njegov stoti dio euro cent. Ovaj je novac zakonsko sredstvo plaćanja na području svih država koje su ga prihvatile i one čine eurozonu. Svaka država emitent ovoga novca samostalno uređuje njegov avers dok je revers zajednički. Optjecajni kovinski novac, unatoč činjenici da bezgotovinska plaćanja postaju sve zastupljenija, i dalje, posebno u nekim sredinama, je izuzetno prisutan i značajan novčani oblik. Kroz analizu veličine apoenskog niza emisija optjecajnog kovinskog novca u svakoj državi koja koristi nacionalnu valutu, materijala koji se koristi u njihovoj izradi, vremenu puštanja ovih apoena u optjecaj te njihovoj kupovnoj snazi zaključuje se o monetarnim politikama u segmentu optjecajnog novca ovih država i odrazu istih na prihvaćanje zajedničkog novca. U radu se daje prikaz značajnijih novčanih unija u povijesti te osnovne specifičnosti novčanih rješenja u Europskoj uniji. ; The article addresses the issue of circulating coins of the EU member states that use their national currency as legal tender (member states with a derogation), from the aspect of how these circumstances affect the obligation to introduce the common currency. In 2021, these were Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Rumania and Sweden. In accordance with the Founding Treaties of the EU, the member states of this association have the obligation (with two exceptions) to introduce the common EU currency – the euro, at the moment when they meet conditions to do so. This way of regulating EU monetary sovereignty implies that this community at present has nine different currency areas. The largest currency region is the Eurozone with a common currency, and it consists of nineteen EU member states, and there are also eight currency regions (states) that use their national currencies. The member states with a derogation have the obligation to fulfil their commitments with respect to joining the economic and monetary union as the highest level of integration. These activities are evaluated at least every two years, or on demand of a member state with derogation. The monetary solutions concerning the circulating coins in the EU states with national currency are different from the regulation in the Eurozone. In the first place this refers to managing this currency, but also to numismatic aspects of their issuing and the tradition of particular countries. This state of affairs also influences the process of introducing the common currency in these countries. The common circulating coins in the EU are the euro and its hundredth part, the euro cent. This currency is legal tender in all the states that introduced it and they make up the Eurozone. Each country that issued these coins independently regulated their obverse, while the reverse is common. The circulating coins are still, although noncash payment is increasing, a very present and important form of payment, especially in some communities. Through analysing the denominations of the currency in each state that uses the national currency, the material used to produce it, the time when these denominations were issued and their market value, the author concludes about the monetary policies concerning the circulating currency in these states and how they will be reflected on accepting the common currency. The article also gives a survey of the more important monetary unions in history and the basic specifics of the monetary solutions in the EU.

U radu se obrađuje monetarna politika Europske ekonomske i monetarne unije u segmentu optjecajnog kovinskog novca koji glasi na euro i euro cente kojeg izdaju države članice Europske unije (europodručje) te države koje službeno koriste ovu valutu. Budući da je Hrvatska u fazi uvođenja eura, jedna od aktivnosti je, i uređenje nacionalne strane hrvatskih eurokovanica kako bi se zaključio ovaj proces. Gotovinski novac europodručja i država koje službeno koriste euro je kovinski novac i novčanice. Kovinski novac nije jedinstvena kategorija. Čine ga optjecajni kovinski novac, prigodni optjecajni kovinski novac te prigodni kovinski novac. Pritom se, prigodni optjecajni kovinski novac u europodručju emitira kao zajednički i nacionalni. Optjecajni kovinski novac koji glasi na eure i euro cente te zajednički prigodni optjecajni kovinski novac koji isključivo glasi na 2 eura (uz novčanice) zakonsko je sredstvo plaćanja u svim državama koje koriste zajedničku valutu. Trenutno europodručje čini devetnaest država Europske unije. Euro kao zajedničku valutu koriste službeno i četiri države koje nisu članice Unije temeljem zaključenih monetarnih sporazuma s Unijom s pravom izdavanja eurokovanica sa nacionalnom stranom. Optjecajni kovinski novac i zajednički prigodni optjecajni kovinski novac su jedine vrste gotovinskog novca europodručja i četiri države koje službeno koriste euro koje imaju jednu stranu – revers identičnu bez obzira na državu izdavatelja (zajednička strana), a drugu stranu (nacionalna strana) - avers s nacionalnim obilježjima. ; The article addresses the monetary policy of the European Economic and Monetary Union (EMU) in the section of euro and eurocent coins issued by member states of the European Union (Eurozone) and by states which officially use this currency. Since Croatia is in the stage of introducing the euro, one of the activities is the design of the national side of Croatian euro coins as a way of concluding this process.

Europe is a contingent product of its institutions rather than a political project. Although the announced goal was simplification & rationalization of its institutional system, the opposite occurred: the system has become even more complex. The author looks into the process dynamics & implementation results of the Lisbon Treaty (effective 1 December 2009), showing that the traditional European compromise leads to outcomes that none of the actors really wanted, & that no one is satisfied with. The European Union is an arena of institutional coercions & games, the rules of which are occasionally readjusted. This occasional readjustment accounts for the survival of the system, which is a priori unstable, for each unsatisfied partner thinks & hopes that redefinition might provide him with an opportunity to gain a better position. The process is especially visible in negotiations regarding the Lisbon Treaty, above all in the institutional innovation which is the function of the new president (of the European Council). The conclusive interpretation of the Lisbon Treaty will depend on the outcome of the bureaucratic struggle right until 2011, & prior to a new definition of the rules, undoubtedly no later than 2014. The new EU system testifies primarily to the fundamental trait of European integration, which strongly favoured from the outset a repeated rethinking of its form (its institutions) in the light of considerations regarding its goals (its policies). Adapted from the source document.

[La costituzione economica europea. Osservazioni sulla storia di un'idea irrealizzabile] This essay deals with the development of the integration project in the light of Polanyi's insights, first, with its so-called formative phase. Thereafter it addresses the post-foundational phase, which was characterized by enormous efforts to transform Europe's economy into a "highly competitive social market economy". Finally, it deals with the consummation of market integration by the establishment of Monetary Union. The monetary Union included an erosion of the notion of rule-oriented economic governance and, more drastically, the replacement of the economic constitution by emergency governance. A Governance that represents a technocratic exercise or a praxis that escapes the quest for democratic legitimacy and the constraint of the rule of law.

In the European Union, negotiations on the financial perspectives and the determination of the Union's own resources focus mainly on the amount of the individual states' contributions, and much less on the Union's fiscal competence. This weakens the Union's ability to conduct ambitious long-term policies, potentially mortgaging its very raison d'être. Recent developments related to the COVID-19 crisis (and beyond) seem to open a window for future changes. The European tax is an issue that provokes a wide debate at both the European and national levels, and not only of a political nature, between sovereignists and federalists, but also on the technical-legal-constitutional modalities that such a change would imply. For this reason, it is useful to present a structured analysis first of the financial instruments assigned to the EU, then of a reform of own resources and, finally, of the possibility of envisaging the birth of a European tax, albeit with an awareness of the limits of such a reform with regard to the current constitutional set-up of the European Union. Consequently, it will also be necessary to ask what kind of tax would be appropriate for this purpose.

Autor istražuje i analizira recentne promjene u emisijskim politikama država i monetarnih unija u segmentu kovinskog novca, koje su sve češće, a provode se zato da bi se ostvarili nefiskalni prihodi i postigli drugi nemonetarni učinci. U radu se razmatraju samo službene emisije kovinskog novca. ; The author researches and analyses recent changes in the coin emission policies of states and monetary unions, which are increasingly frequent and are made to acquire non-fiscal revenue and achieve other non-monetary effects. The article examines only official coin emission.

Autor istražuje i analizira recentne promjene u emisijskim politikama država i monetarnih unija u segmentu kovinskog novca, koje su sve češće, a provode se zato da bi se ostvarili nefiskalni prihodi i postigli drugi nemonetarni učinci. U radu se razmatraju samo službene emisije kovinskog novca. ; The author researches and analyses recent changes in the coin emission policies of states and monetary unions, which are increasingly frequent and are made to acquire non-fiscal revenue and achieve other non-monetary effects. The article examines only official coin emission.

Europsku uniju danas čini 27 država. U 19 država te zajednice zakonsko je sredstvo plaćanja zajednička valuta - euro (europodručje) i te države tvore Europsku ekonomsku i monetarnu uniju, a u 8 država članica zakonska sredstva plaćanja jesu nacionalne valute. Postojanje dvojnog monetarnog rješenja u Europskoj uniji omogućava postupnost u procesu uvođenja zajedničke valute sukladno mogućnostima i spremnosti pojedinih država članica za zamjenu nacionalne valute eurom i slijedom toga, u konačnici, takvim rješenjem osiguran je i pristup monetarnoj uniji. Potpisivanjem Ugovora o pristupanju Europskoj uniji svaka država obvezuje se uvesti zajedničku valutu, ali autonomno odlučuje o trenutku započinjanja toga složenog procesa.1 Nakon toga slijedi ispunjavanje uvjeta konvergencije i dvogodišnje razdoblje pridržavanja propisanih kriterija i potom uvođenje zajedničke valute Unije. ; The European Union today comprises 27 member states, 19 of which share a common currency - the euro (euro area). These states form the European Economic and Monetary Union, the eurozone, and in the remaining 8 member states the legal tender is the national currency. The existence of a dual monetary solution in the European Union enables a gradual transition in introducing the common currency in accordance with the possibilities and readiness of individual member states to replace the national currency with the euro, and consequently, this solution ensures access to the monetary union. When each state signed the Treaty of Accession to the European Union, it committed to introduce the common currency, autonomously deciding on when to start this complex process. Then followed meeting the convergence conditions and a two-year period of keeping to the criteria prescribed, after which came the introduction of the Union's common currency.

The assumption is that expansionary monetary policy is good for reducing unemployment, and vice versa. In this context, the status of monetary policy is defined, which is called monetary conditions. For this, the IFIS Financial Conditions Index published by the Institute of Economics, Zagreb, was used as a synthetic indicator of the state of numerous monetary variables (27 variables). By analysing the movements of restrictive and expansionary monetary conditions presented by the IFIS index and the unemployment rate conducted in this paper, it can be concluded that there is a strong link between the index of macroeconomic monetary conditions and unemployment in Croatia. This relationship operates with a time lag of one year, i.e., a change in monetary conditions leads to a change in the overall unemployment rate after one year. Although there is a link between monetary conditions and youth unemployment, it is weaker because youth unemployment is significantly influenced by other factors. These are primarily emigration after Croatia's accession to the European Union and liberalization of the labour market. ; Pretpostavka je da ekspanzivna monetarna politika pogoduje smanjenju nezaposlenosti, a vrijedi i obrnuto. U tom kontekstu definiran je status monetarne politike koji se naziva monetarnim uvjetima. Za to je korišten indeks financijskih uvjeta IFIS koji objavljuje Ekonomski institut, Zagreb, kao sintetički pokazatelj stanja brojnih monetarnih varijabli (27 varijabli). Analizom kretanja restriktivnih i ekspanzivnih monetarnih uvjeta prikazanih IFIS indeksom i stope nezaposlenosti koja je provedena u ovom radu, može se zaključiti da postoji jaka veza između indeksa makroekonomskih monetarnih uvjeta i nezaposlenosti u Hrvatskoj. Ta veza djeluje s pomakom od godinu dana, odnosno promjena monetarnih uvjeta dovodi do promjene u ukupnoj stopi nezaposlenosti nakon godinu dana. Iako postoji veza i između monetarnih uvjeta i nezaposlenosti mladih, ona je slabija jer na nezaposlenost mladih značajnije utječu drugi ...

Since the Great Recession, many Eurozone nations have seen their public debt levels increase greatly. By 2010, a member of the monetary union found itself unable to continue servicing its debt and made investors fear for the euro currency. The crisis was resolved thanks to a bailout of supranational organizations. Regardless, government debt from European nations is perceived as risk-free. The European Central Bank, through unconventional monetary policy and the mass purchase of government bonds, has managed to bring nominal interest rates to historical lows and governments have been able to continue borrowing without causing inflation on goods and services. Stock and commodity prices have, since 2010, increased more than the Eurozone's aggregate output. Similarly, home prices have increased more than aggregate GDP since the implementation of the euro. Given the historical precedents of currency and debt crises, it is necessary to question if investors should rationally expect the repayment of the real value lent to the various Eurozone governments.