Suchergebnisse

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.

The article looks into the process of "building" the monetary union of the EU member countries & creating the European currency, the euro. Following lengthy negotiations, the euro-system era commenced on 1 Jan 1999, when the euro was launched, marking the beginning of the third phase of the monetary union. At first, the euro will be virtual money & function as a dual currency, but in 2002, it will be printed/coined for everyday usage. In the first half of that year, local currencies will be replaced by the euro in eleven EU countries that have satisfied the stringent criteria of "suitability" for joining the monetary union. 1 Appendix. Adapted from the source document.

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.

At the time of its inception, the EEC's founders already expressed their desire to institute on the territory of the future integration an economic & monetary union with the aim of creating "the United States of Europe." The 1962 program of the European Commission for the Community's Development was designed along these lines. Following a number of years of successful economic cooperation of member states, the creation of the monetary union was negotiated at the 1998 Maastricht meeting, while the beginning of the implementation was envisaged for early 1999. The 1997 Luxembourg meeting was a turning point in the EU's development. The extension of the EU was agreed upon, & the third stage of the EMU worked out. The EU's future development "in five gears" was devised, & the countries were categorized into groups according to the level in which they satisfy the conditions necessary for acceptance. Further, the EU offers to those transitional countries that satisfy the necessary conditions for further cooperation the "partnership prior to membership" a new way of cooperation that provides financial support to transitional countries to pave the way for them to join the EU. Croatia has shown interest for all kinds of links with the EU, particularly via the associate membership as a step to full membership. There is no doubt that the introduction of the new pan-European currency as well as all the changes occurring within the EU are going to affect the Croatian economy. Croatia has stepped up its preparations for getting in line with the new economic & financial developments emerging in Europe, which will be triggered by the establishment of the European Monetary Union (EMU). 13 References. Adapted from the source document.

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.

Three events characterize the development of the European Community in 1992 & 1993: the completion of a unified European market, the signing of the European Union Contract, & the establishment of a European economic space with EFTA countries. One of the main hindrances is the fact that the decisions taken are being implemented in different ways from one member state to another, which creates difficulties in the accomplishment of the European Community's aims. These can be classified into three basic groups: the development of an economic & monetary union, the strengthening of institutions & the democratization of the European Community, & the defining of a common foreign security policy. Adapted from the source document.

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 ...

Globalizacija je proces svjetske ekonomske integracije koji vodi do globalne ekonomije bez granica. U radu se procjenjuje utjecaj globalizacije na gospodarski rast u slučaju zemalja Europske monetarne unije (EMU). Autori su koristili tri komponente globalizacije – ekonomsku, socijalnu i političku globalizaciju. Pooled Mean Group estimator (PMG) korišten je za procjenu dugoročne i kratkoročne veze između globalizacije i ekonomskog rasta. Rezultati su pokazali da u kratkom roku ekonomska i socijalna globalizacija ima pozitivan utjecaj na gospodarski rast, dok politička globalizacija negativno utječe na ekonomski rast zemalja EMU. Ekonomska globalizacija dugoročno ima statistički značajan pozitivan utjecaj na ekonomski rast zemalja EMU, dok društvena i politička globalizacija negativno utječe na ekonomski rast zemalja EMU. Autori preporučuju, za svaku zemlju, pojedinačni pristup prilikom prihvaćanja globalizacijskog procesa. Pristup ovisi o fazi razvoja zemlje, socijalnoj i političkoj pozadini. Jedan bi pristup mogao biti evolucijski za zemlje u razvoju i najmanje razvijene zemlje. Drugi pristup bi mogao biti brži način prihvaćanja globalizacije za razvijene zemlje. ; Globalization is a process of world economic integration which leads to the global economy without borders. The paper estimates the impact of globalization on economic growth in the case of European Monetary Union countries (EMU). Authors used three components of globalization – economic, social, and political globalization. Pooled Mean Group estimator (PMG) was used to estimate the long-run and short-run relationship between globalization and economic growth. The results showed that in the short-run, economic and social globalization has a positive impact on economic growth, while political globalization has a negative effect on the economic growth of EMU countries. In the long-run, economic globalization has a statistically significant positive impact on the economic growth of EMU countries, while social and political globalization has a negative effect on the economic growth of EMU countries. Authors recommend, for each country, case by case approach in accepting the globalization process. The approach depends on the country's development stage, social, and political background. Thus, the approach for developing and least developed countries could be an evolutionary way, while for the developed ones a faster way of acceptances of globalization, for developed countries.

The author is critical of the introduction of the euro from the point of view of national & 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 & the national governments & their parliaments no longer respect the due process of law. The second is that the foreign debt, which amounts to 120% 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, &, consequently, the end of nation-states in Europe. Croatia may join the EU, but this would pose a challenge to its national sovereignty. 2 Tables. Adapted from the source document.

Poslovni ciklusi su prikaz ekonomske aktivnosti u gospodarstvu. Usklađenost poslovnih ciklusa država članica Europske unije je ključna upravo zbog toga kako bi odricanje od monetarnog suvereniteta donijelo minimalne troškove za domaće gospodarstvo. Ovim je radom analizirana usklađenost poslovnih ciklusa unutar Europske unije koja se prema teoriji optimalnog valutnog područja smatra jednim od najvažnijih kriterija za uspješno provođenje zajedničke monetarne politike. Za procjenu razine usklađenosti poslovnih ciklusa korištene su tri metode: indeks podudarnosti, unakrsna korelacija te pomična unakrsna korelacija. Analiza usklađenosti provedena je na kvartalnim podacima o realnom BDP-u svih država članica Europske unije te EU27 kao agregiranog područja. Analiza obuhvaća razdoblje od prvog kvartala 1995. godine (1995Q1) do prvog kvartala 2021. godine (2021Q1), dok su radi uočavanja promjena u usklađenosti indeks podudarnosti i unakrsna korelacija izračunati i za dva podrazdoblja, 1995Q1 – 2008Q1 i 2008Q1 – 2021Q1. Na temelju rezultata dobivenih indeksom podudarnosti i unakrsnom korelacijom može se zaključiti kako su ciklusi svih država članica usklađeni s ciklusom Europske unije, pri čemu su nove države članice uglavnom slabije usklađene dok su stare države članice visoko usklađene. Isto tako, rezultati pokazuju da je viša razina usklađenosti postignuta u drugom podrazdoblju. Rezultati pomične unakrsne korelacije upućuju na zaključak da je zajednička monetarna politika najprikladnija za stare države članice te za Češku, Cipar, Poljsku i Sloveniju iz skupine novih država članica jer je njihova usklađenost s ciklusom Europske unije visoka i stabilna kroz cijelo promatrano razdoblje. ; Business cycles demonstrate economic activity in economy. Synchronization of business cycles of EU member states is crucial, precisely because the separation of monetary sovereignty would bring minimal costs to the domestic economy. This paper analyzes the synchronization of business cycles within the European Union, which, according to the theory of the optimal currency area is considered one of the most important criteria for the successful implementation of the common monetary policy. Three methods were used to determine the level of business cycle compliance: concordance index, cross-correlation, and rolling cross-correlation. The synchronization analysis was conducted based on quarterly data on real GDP of all EU Member States and the EU27 as an aggregate area. The analysis covers the period from the first quarter of 1995 (1995Q1) to the first quarter of 2021 (2021Q1), while the concordance index and cross-correlation were calculated for two subperiods, 1995Q1 – 2008Q1 and 2008Q1 – 2021Q1, in order to observe changes in compliance. Based on the results obtained from the concordance index and cross-correlation, it can be concluded that the cycles of all Member States are synchronized with the European Union cycle. New Member States in general are less synchronized while the old Member States are highly synchronized. Additionally, the results show that a higher level of compliance was achieved in the second subperiod. The results of the rolling cross-correlation imply that the common monetary policy is most appropriate for the old Member States and for the Czech Republic, Cyprus, Poland and Slovenia from the group of new Member States since their compliance with the EU cycle is high and stable throughout the period.

Understanding Central Europe as a particular European region is based on historical & cultural heritage of the Mitteleuropa & on the revival of the Central European identity in the 1980s. Central European regional cooperation has been promoted in the late 1980s & early 1990s, particularly through the following cooperation schemes: Pentagonale/Central European Initiative (now dissolved), the Vishegrad Group, & the Central European Free Trade Agreement (CEFTA). These schemes have been supported by the European Union & they fit its strategy of widening that is now based on the differentiated integration, which implies strengthening of economic & monetary union & defense union. The European Union tends to link the Central European region to the Baltic countries, rather than connect it with Southeastern Europe, which is regarded as a special case, covered by the peace restoration strategy. Central Europe is a region of uneven development & very diversified cultures & peoples. It is therefore difficult to treat it as a structured European region. EU focuses on a number of states that form "the intersection of different areas of integration," & in this respect Central Europe may be best understood as a development & transformation project that might create a new type of differentiated relationships among states & cultures within Central Europe & between Central Europe & the European Union. Focusing on Central Europe may turn the region into the central project of European development. Adapted from the source document.