The article looks into the process of "building" the monetary union of the EU member-countries and the creation of the European currency, EURO. Following the lengthy negotiations, the Euro-system era commenced on 1 January 1999, when the Euro was launched, marking the beginning of the third phase of the monetary union. At first, EURO will be virtual money and function as a dual currency, and only in 2002 will it get its physical form 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. (SOI : PM: S. 69)
The dissertation explores the causes of the Euro crisis of 2009, using the institutional explanation in social sciences and the game theory. It includes discussions on the role of fiscal and monetary policies for stabilization of the economy, a brief history of monetary unions, as well as a summary of the European monetary integration process. Key findings of the dissertation are considering strategic situations in which the Member States have been involved before and after the creation of the European Economic and Monetary Union and the euro, which can be analysed using the game theory. The institutional design of the European Communities, after the breakup of the Breton Woods system, has put the Members States in the strategic situation of prisoner's dilemma, which in turn made coordination of monetary policies and exchange rates unfeasible. The creation of the Economic and Monetary Union (EMU) made possible for the Member States to overcome the dilemma by transferring the monetary policy from national to the European level of governance. Unfortunately, the institutional design of the EMU created a specific set of the interdependence of the Member States and the institutional incentives which created a new collective action problem. The new problem can be observed as a strategic situation of the chicken game in which the Member States again does not have the incentive to act in the accordance with the rules in the same, cooperative manner. Finally, the dissertation analyses the institutional consequences of the crisis and the incentives emerged after the post-crisis reforms. The conclusion is that the reforms should prevent similar euro crisis. On the other hand, questions could be raised regarding the power shift among the main bodies of the European Union. ; Rad se bavi istraživanjem uzroka krize evra nastale 2009. godine, oslanjajući se na institucionalno objašnjenje u društvenim naukama i teoriju igara. Disertacija sadrži rasprave o ulozi fiskalne i monetarne politike za stabilizaciju privrede, kratku istoriju monetarnih unija pre Evropske ekonomske i monetarne unije (EMU), kao i sažetu istoriju evropske monetarne integracije. Ključni nalazi disertacije su tiču se strateških situacija koje su dovele do nastanka jedinstvene evropske valute i kasnije do njene krize, koje je moguće analizirati uz pomoć teorije igara. Institucionalni aranžman Evropskih zajednica nakon raspada Bretonvudskog sistema stavio je države članice u stratešku situaciju zatvorenikove dileme, što je činilo koordinaciju monetarnih politike i deviznog kursa neodrživim. Kako bi se prevazišao taj problem, formirana je EMU kojom je uveden evro, a monetarna politika prenesena na sa nacionalnog evropski nivo vlasti. Međutim dizajn EMU stvorio specifičan spoj međuzavisnosti i podsticaja iz koga je nastao nov problem kolektivnog delanja za države članice monetarne unije. Taj problem se ogleda u strateškoj situaciji igre kukavice u kojoj učesnici nemaju podsticaj da se ponašaju na istovetan, kooperativan način. Na kraju disertacije analizirani su podsticaji nastali sprovedenih institucionalnih reformi. Zaključak je će reforme najverovatnije sprečiti da nastanak slične krize u budućnosti, ali i da se mogu otvoriti nova pitanja u vezi sa promenom ravnoteže moći unutar organa EU.
U članku autorka ispituje uticaj velike krize Evropske unije na proces politizacije antikriznih mera usvajanih tokom 2010. i 2011. godine. Praćenjem procesa usvajanja "paketa šest mera", kao i analizom reagovanja različitih nacionalnih i transnacionalnih političkih aktera, autorka pokazuje da je uobičajena pretpostavka o krizi kao podsticajnom faktoru za politizaciju samo delimično ispravna. Šest mera čiji je cilj bio da se unapredi nekadašnji Pakt stabilnosti i rasta i nadzor nad ekonomskim i fiskalnim politikama država članica EU, značajno je ograničio ovlašćenja nacionalnih organa da se bave ovim pitanjima ali i povezanim politikama. I pored velikog značaja i ozbiljnih posledica ovih šest antikriznih mera, one nisu izazvale intenzivnu politizaciju, bar ne onakvu koja bi omogućila da suprotstavljeni zahtevi različitih političkih aktera utiču na konačan ishod odlučivanja i da se politizacija iz nacionalnih okvira prenese na nadnacionalni nivo. Naprotiv, kriza suverenog duga u EU upravo je poslužila političkim elitama da eventualna sporna pitanja izoluju od širih političkih konflikata i da ih drže mahom unutar nacionalnih granica. Osim krize, i drugi faktori doprineli su umirivanju politizacije. Autorka nalazi da su to način oblikovanja (predstavljanja) politizovanog pitanja, ustrojstvo ekonomske i monetarne unije kao decentralizovanog i policentričnog sistema upravljanja i konačno, složena i konsocijativna priroda Evropske unije. ; The article examines how the great crisis in the European Union influenced the politicization of the anti-crisis measures taken during 2010 and 2011. By tracing the process of adoption of the so-called "Six-Pack" measures as well as by analyzing the reactions of different national and transnational political actors, the author shows that the usual hypothesis about the crisis as a factor giving impetus to politicization is only partially right. The six measures adopted with the aim of reinforcing the Stability and Growth Pact and the surveillance of the member states' economic and ...
The Republic of Serbia has already missed several historical chances to join the European Union but is currently in a a position to define and accelerate the process leading to a united Europe, and therefore confirming that it historically, economically, regionally and culturally belongs to the European family of nations. Accession to the EU is one of the most important goals of modern Serbia which realization Serbia will become an organized state, gain political stability and provide intensive economic development. Defining the development strategy of Serbia to join European Union includes the necessary political conditions (stability of democracy and its institutions, respect for fundamental human and minority rights), economic conditions (the existence of a functioning market economy that is able to withstand the pressure of competition in the internal market of the European Union) as well as administrative requirements (the ability of future members to take and apply the primary and secondary EU legislation and to implement the aims of political, economic and monetary union). Joining single market of the European Union opens up opportunities for marketing of domestic products and services, where it should be noted that the export of our companies in the EU amounts to over 50% of total domestic exports. This proves that the European Union is traditionally the most important export market for Serbia. Therefore, the integration of Serbia into the European Union is viewed as the headquarters of growth of the Serbian economy through the growth of export of domestic products to the EU market. The most positive effects are measurable in the area of agriculture, where our country has a surplus in agricultural trade with the EU. Serbia has preferential status for 90% of agricultural products, which should be taken advantage of, so that agrarian reform is going in the direction of maximum increase in production until joining the EU. There are also great chances in car industry, where most of the commercial reorientation is done under the auspices of the European Agreement.
The monetary policy of Bosnia and Herzegovina is rather limited because it is based on the principles of a currency board characterized by the impossibility of implementing the basic monetary policy instruments in comparison with the monetary policy of the European Union. However, the constant presence of European integrations should point the need for a more drastic change in the monetary policy of Bosnia and Herzegovina. By entering the European Monetary Union (EMU), the monetary territory of Bosnia and Herzegovina will become one of the branches of the European Central Bank (ECB). In addition, it is not difficult to conclude why the Law about the Central Bank of Bosnia and Herzegovina has been adopted with the first laws of the Dayton Agreement, if it is known that the largest part of the banking system, and therefore the financial market, is owned by foreign banks. This work will point out the significance of the Central Bank of Bosnia and Herzegovina, as one of the most important factors for maintaining the permanent liquidity of the banking sector in Bosnia and Herzegovina. The possibilities and limitations of the Central Bank of Bosnia and Herzegovina will be determined, with the assumption of macroeconomic sustainability over a longer period of time. The need of reforming the banking system in Bosnia and Herzegovina will be analyzed through the constant implementation of the Basel standards with the increasing participation of foreign banks in the Bosnia and Herzegovina. It will be determined the impact of the implementation of the Basel III in the banking industry in Bosnia and Herzegovina and its consequences on the banking and economic system.models, on the ways of financing the elimination of adverse consequences of natural disasters. ; Monetarna politika Bosne i Hercegovine je prilično ograničena, jer se temelji na principima valutnog odbora kojeg karakteriše nemogućnost sprovođenja osnovnih instrumenata monetarne politike u poređenju sa monetarnom politikom Evropske unije. Međutim, stalna prisutnost evropskih integracija bi trebala da ukaže na potrebu za drastičnijom promijenom monetarne politike Bosne i Hercegovine. Ulaskom u Evropsku monetarnu uniju, (EMU) monetarno područje Bosne i Hercegovine postaće jedna od filijala Evropske centralne banke (ECB). Pored toga, nije teško zaključiti zašto je među prvim zakonima od Dejtonskog sporazuma usvojen Zakon o Centralnoj banci Bosne i Hercegovine, ako se zna da je najveći dio bankarskog sistema, a time i finansijskog tržišta u vlasništvu stranih banaka. U radu će se ukazati na značaj Centralne banke BiH, kao jednog od najbitnijih faktora održavanja permanentne likvidnosti bankarskog sektora u Bosni i Hercegovini. Determinisaće se mogućnosti i ograničenja Centralne banke BiH, uz pretpostavku makroekonomske održivosti na duži vremenski period. Analiziraće se potreba reforme bankarskog sistema u Bosni i Hercegovini kroz stalnu implementaciju Bazelskih standarda uz sve veće učešće stranih banaka u finansijskom sistemu BiH. Odrediće se uticaj implementacije bazela III u bankarstvo BiH i njegove posljedice na bankarski i ekonomski sistem.
Тhis paper considers the phenomenon of global growth, emphasizing the slowdown and (limits) of the Western GDP growth. By comparing the United States as the most mature economy in the world, China as the new hegemon, the OECD countries, the BRICS countries, and the rest of the world, we show the growth and unequal development of the five "regional futures" of the global world. In addition to the imminent economic reasons for the backwardness of Western economies and societies, the crisis of the structure and functioning of the democratic capitalist system, and the ecological limits of sustainability, we emphasize two non-economic moments: the end of liberalism as a fundamental ideology of the Western world, and the loss of trust, which is a fundamental moral category. According to futurist forecasts, the West has slowed down, the financial system has been damaged, and the recovery is slow and uncertain. The following subjects are being considered: the growth paradigm, the belief in lasting progress, the end of liberalism and the loss of confidence, the recovery of Western economies, some monetary policy measures, and European fiduciary money and the slowdown of the growth in the Eurozone. The monetary economy of the euro as an agreed single currency has caused strong changes in the Eurozone and has "trapped" the European Union. The euro economy, among other things, is responsible for the sharp division of the Eurozone member states into surplus and deficit countries, and the Eurozone crisis, stagnation, and slowdown in economic (non-economic) growth. ; U ovom radu razmatramo fenomen rasta na globalnom nivou, apostrofirajući usporavanje i (granice) rasta BDP Zapada. Komparacijom SAD kao najzrelije ekonomije na svijetu, Kine kao novog hegemona, zemalja OECD-a, zatim zemalja BRICS-a, te ostatka svijeta, predočava se rast i nejednaki razvoj pet ,,regionalnih budućnosti," globalnog svijeta. Pored imanentnih ekonomskih razloga zaostajanja zapadnih ekonomija i društava, krize strukture i funkcionisanja demokratskog kapitalističkog sistema, i ekološke granice održivosti, ističemo i dva neekonomska momenta, kraj liberalizma kao fundamentalne ideologije zapadnog svijeta i gubitak povjerenja kao temeljne moralne kategorije. Prema prognozama futurista, Zapad je posustao, finansijski sistem je oštećen, oporavak je spor i neizvjestan. Predmet razmatranja su: paradigma rasta, vjera u trajni napredak, kraj liberalizma i gubitak povjerenja, oporavak zapadnih ekonomija, neke mjere monetarne politike, te Evropski prekarni novac i usporavanje rasta evrozone. Monetarna ekonomija evra kao dogovorene jedinstvene valute izazvala je snažne promjene u evrozoni i Evropskoj uniji uhvaćenoj u ,,zamku." Ekonomija evra, između ostalog, odgovorna je za oštru podjelu zemalja članica evrozone na zemlje suficita i zemlje deficita, te krizu evrozone, stagnaciju i usporavanja ekonomskog (neekonomskog) rasta.
The governments of all countries of the world have faced up with the health crisis caused by the Covid 19 virus pandemic in the previous and current year. This crisis turned into an economic crisis, considering that it was necessary to provide huge financial resources to overcome it. Governments "pumped" additional amounts of money by supplying the economy and the population with new liquidity through subsidies and one-time assistance in the form of "helicopter money". This has contributed to the deterioration of the fiscal performance of the world economies. The paper analyzes the economic and fiscal performance of the world leading economies such as the European Union, the United States, China and Russia. The aim of this paper is to point out the consequences of the applied measures in the domain of monetary and fiscal policy and influence on the increase of the budget deficit and public debt in the world. ; Vlade svih država sveta suočile su se sa zdravstvenom krizom izazvanom pandemijom kovida-19 u prethodnoj i tekućoj godini. Ova kriza je prerasla u ekonomsku krizu, s obzirom na to da je za njeno prevazilaženje bilo neophodno obezbediti ogromna finansijska sredstva. Osim toga, vlade su "upumpavale" dodatne količine novca snabdevajući privredu i stanovništvo novom likvidnošću kroz subvencije i jednokratne pomoći u vidu "novca iz helikoptera".Sve ovo je doprinelo pogoršanju fiskalnih performansi ekonomija u svetu. U radu su analizirane ekonomske i fiskalne performanse vodećih ekonomija sveta poput Evropske unije, SAD, Kine i Rusije. Cilј rada je da ukaže na posledice primenjenih mera u domenu monetarne i fiskalne politike na rast budžetskog deficita i javnog duga u svetu.
The financial crisis has adversely affected all the countries of the world in the conditions of globalization with different intensity, no matter if it is higher or lower level of development and different economic structures. In the context of globalization in the countries in transition, the banking system was reformed, thus creating a new financial market. The International Monetary Fund has taken an active part in the transition process of Eastern European countries by providing advice and approving financial arrangements. Developed countries of the world have implemented measures of non-standard monetary policy to overcome the global financial crisis. In some parts of Central and Eastern Europe, in addition to the general corporate identity (bank name, abbreviated name, trademark and slogan of the bank), the countries also applied qualitative features of the bank's corporate identity (image, reputation and goodwill). As they enter the 21st century, banks in developed countries are increasingly emphasizing the corporate culture and style of business of the bank. In the practice of banks, the following performances are most often present: financial, marketing, performance management, employee performance, business philosophy, reputation and the image of the bank. The banks' performance analysis included 13 Central and Eastern European countries divided into three groups. Performance over the period 2008-2018 is analyzed, related to: share of total assets in GDP, share of total loans in GDP, share of total deposit in GDP and level of capital adequacy of Central and Eastern European countries. The analysis shows that the central banks of the countries of Central Europe are dominant, and that in certain performances they are approached by the banks of the countries of Eastern Europe (members of the European Union and the Western Balkans). ; Finansijska kriza je negativno uticala na sve zemlje sveta u uslovima globalizacije sa različitim intezitetom, bez razlike da li se radi o višem ili nižem nivou razvijenosti i različitim privrednim strukturama. U uslovima globalizacije u zemljama u tranziciji izvršena je reforma bankarskog sistema i na taj način je započeto stvaranje novog finansijskog tržišta. Međunarodni monetarni fond uzeo je aktivno učešće u procesu tranzicije zemalja istočne Evrope pružanjem saveta i odobravanjem finansijskih aranžmana. Razvijene zemlje sveta su radi prevazilaženja svetske finansijske krize primenile mere nestandardne monetarne politike.Zemlje centralne i istočne Evrope su u određenom delu pored opšteg korporativnog identiteta (naziv banke, skraćenog imena, zaštitnog znaka i slogana banke) primenjivale i kvalitativna obeležja korporativnog identiteta (imidž, reputacije i gudvila) banke. Ulaskom u 21. vek banke razvijenih zemalja sve više stavljaju naglasak na korporativnu kulturu i stil poslovanja banke. U praksi banaka najčešće su prisutne sledeće performanse: finansijske, marketing, menadžment performanse, performanse zaposlenih, poslovne filozofije, ugleda, reputacije i imidža banke. Analiza performansi banaka obuhvatila je 13 zemalja centralne i istočne Evrope podeljenih u tri grupe. Analizirane su performanse u vremenskom periodu od 2008-2018. godine koje se odnose na: učešće ukupne aktive u BDP-u, učešće ukupnih kredita u BDP-u, učešće ukupnog depozita u BDP-u i nivo adekvatnosti kapitala zemalja centralne i istočne Evrope. Analiza pokazuje da su dominantne banke zemalja centralne Evrope, a da se njima u određenim performansama približavaju banke zemalja istočne Evrope (članice Evropske Unije i zapadnog Balkana).