Cilj ove studije je prevladati nedostatak empirijskih istraživanja koja se bave glavnim čimbenicima valutnih kriza u Republici Srbiji, analizirajući razdoblja valutne krize i kreirajući sustav ranog upozoravanja kako bi se predvidjele nadolazeće valutne krize. Ovaj rad istražuje odrednice epizoda valutne krize u razdoblju od siječnja 2007. do svibnja 2018.godine koristeći ekonometrijsku analizu i na temelju toga daje prijedloge kreatorima ekonomske politike. Pokazalo se da su dominantni čimbenici oni koji su uglavnom povezani s utjecajem čimbenika iz vanjskog okruženja, što je važno u procjeni i predviđanju potencijalnih kriza u Republici Srbiji. Konkretnije, dobiveni rezultati ukazuju na to da su precijenjenost nacionalne valute, saldo tekućeg računa kao postotak BDP-a, uvoz i burzovni indeks statistički značajne varijable. ; The aim of this study is to overcome the lack of empirical research dealing with the main factors of currency crises in the Republic of Serbia, analyzing periods of currency crises and creating an early warning system to anticipate the upcoming currency crises. Using econometric analysis, this paper examines the determinants of currency crises episodes during the period from January 2007 to May 2018, and based on this, it makes proposals for economic policy makers. It has been shown that dominant factors are those that bind mostly with the effect of factors from the external environment, which is important in assessing and forecasting potential crises in the Republic of Serbia. More specifically, the obtained results indicate that the overvaluation of the national currency, current account balance as a percentage of GDP, imports and stock exchange index are statistically significant variables.
Članak prikazuje recentne studije o novcu kao pravnom fenomenu, putem čijeg kreiranja različiti "stakeholderi" uređuju raspodjelu resursa i odnose između pojedinih dijelova društva. U ovoj koncepciji novac formira tržište, a ne obratno. Na primjeru "slobodnog kovanja" karakterističnog za Englesku od 12. do 14. stoljeća analizira se dilema nominalizam – metalizam, te tri ograničenja robnog novca u kojima se očituje Greshamov zakon, odnosno kontroverza likvidnosti. U članku se ne analizira na koje proturječnosti nailazi nominalistička politika novca. Pokazuje se da se ni u suvremenoj koncepciji robnog novca, eksplicitnoj u Hayekovoj studiji The Denationalization of Money, zbog proturječja likvidnosti ne može – u kreiranju i održanju novčanog sustava – izbjeći uloga društvenih, izvantržišnih faktora, uz ostalo i prava. Kako mnogi autori zaključuju da je i zajednička europska valuta koncipirana po uzoru na zlatni standard (robni novac), slijedi da i uspjeh njezina dizajna i funkcioniranja ne može biti prepušten samo tržišnom mehanizmu, nego ovisi o društvenoj, političkoj i pravnoj potpori. ; The paper describes money as a legal phenomenon, which means that stakeholders use money to allocate resources and manage social relations. In this understanding money creates markets and not vice versa. The system of money creation called free minting, which was common in England from the 12th to the 14th century, is described. Three constraints of commodity money are explained and the nominalism – metalism dilemma is analysed. The focus of the analysis is on Gresham's law and the problem of liquidity of commodity money. The similarity between medieval commodity money and a modern concept of commodity money in the book The Denationalization of Money by Friedrich von Hayek is shown. The conclusion is that the market mechanism cannot solve the problem of liquidity without social agents not included in the market exchange. Since the common European currency is to some degree similar to the gold standard, the same conclusion works for the euro.
O srebrnjaku od 5 kuna iz godine kovanja 1934. pisalo se u više navrata te je o njemu donijeto nekoliko, katkad oprečnih, zaključaka. Izvorni dokumenti iz Beograda, dostupni u obliku mikrofilmova u Hrvatskom državnom arhivu, rasvjetljavaju mnoge pojedinosti o djelovanju Ustaškoga pokreta u Italiji kojemu je bio cilj uvođenje novčane jedinice "kune" (koja se trebala dijeliti na 100 banica). Odredbe Glavnoga ustaškoga stana objavljene 1934. godine govore o razlozima uvođenja navedenih naziva, opisuju kovanice od 5 kuna, donose tečajnu listu u odnosu na glavne svjetske valute onoga doba, ali i točno određuju koliku plaću u kunama trebaju dobiti dužnosnici, dušobrižnici te vojni i upravni časnici. Zaključuje se da su kovanice doista izdane 1934. godine, ali ne kao uspomena na atentat na kralja Aleksandra, nego kao prvi korak k uvođenju nove valute, najprije u redove Ustaškoga pokreta, a zatim, u tada još nedefiniranoj budućnosti, u Hrvatsku. Dokumenti, s druge strane, potvrđuju da se s tim novcem, bez obzira na detaljne upute, nije provodila nikakva kupoprodaja i nisu se uistinu isplaćivale plaće u kunama, nego su kovanice kupovali članovi Ustaškoga pokreta kao uspomenu. Daljnju izradu kuna i banica spriječila je reakcija Italije koja je nakon atentata na kralja Aleksandra internirala Antu Pavelića, a kasnije i onemogućila rad cjelokupne ustaške organizacije. ; Writers about the 5 kuna silver coin, minted in 1934, drew different conclusions, some of them contradictory. The original documents kept in Belgrade, accessible on microfilm in the Croatian State Archives, shed light on many details of the activities of the Ustasha Movement in Italy aimed at actually introducing the "kuna" monetary unit (which was to be divided in 100 "banicas"). The Ustasha Headquarters published provisions in 1934 about the reasons for introducing the above names. These provisions also described the 5 kuna coin, brought a list of exchange rates with the main world currencies of the time, and laid down the exact pay in kunas for officials, priests and military and administrative officers. The conclusion is that the coins really had been minted in 1934, not to commemorate the assassination of King Aleksandar but as the first step towards introducing the new currency, first among members of the Ustasha Movement and then, in the as yet undefined future, in Croatia itself. On the other hand, documents confirm that no purchases or sales were made using this money and, despite the detailed instructions, salaries were not in fact paid in kunas, but members of the Ustasha Movement bought the coins as souvenirs. The further production of kunas and banicas was prevented by Italy's reaction to the assassination of King Aleksandar, when Ante Pavelić was interned and later the activities of the whole Ustasha organisation banned.
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.
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.
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.
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.
Prikazane su prehrambene kartice koje su koristili zatočenici koncentracijskih logora Jasenovac (1941.-1945.) i Stara Gradiška (1942.-1945.). Naime, zatočenici su karticama, koje su izdavane mjesečno, podizali dnevne obroke (doručak, objed i večeru). Gubitak je kartice za sobom povlačio gubitak prava na hranu te su stoga, iako ne u pravom smislu riječi, one bile jedna vrsta platežnoga sredstva unutar logora. Prikazano je devet kartica za prehranu, sedam ih je korišteno u logoru Jasenovac, a dvije su prehrambene kartice izdane i korištene u logoru Stara Gradiška ; The article describes the camp food cards that were used in Jasenovac (1941-1945) and Stara Gradiška (1942-1945), the concentration and work camps of the Independent State of Croatia. The food cards were issued monthly and the inmates used them to draw their daily meals (breakfast, lunch and supper). Although the food cards were issued by name and could not be transferred, their loss entailed the loss of the right to food so they could be interpreted as a kind of camp currency, although not in the real sense of the word. The article shows nine food cards that belonged to five prisoners: seven of the cards were used in the Jasenovac Camp and two were used in the Stara Gradiška Camp. Camp currency (coupons and food cards) was very widespread in camps throughout Europe during the Second World War and immediately after it. Camp coupons were also in use in some camps for interned civilians founded by the military authorities of the Kingdom of Italy on the eastern Adriatic coast during the Second World War. Although the use of camp currency (coupons and food cards) was widespread, and has been described in scholarly and professional literature, there has to date been no mention of the prisoners' food cards shown in this article, used in the Ustasha concentration and work camps of Jasenovac and Stara Gradiška.
U članku se daje prilog poznavanju povijesti Balkanske banke d.d. Zagreb od njezina osnutka (1922.) pa sve do formalnoga završetka njezine likvidacije (1948.). Poslovanje banke razvijalo se je u početku izuzetno povoljno. U kolovozu 1922. predsjednik banke Dušan Plavšić pozvan je na dužnost pomoćnika ministra financija. Kako je vlada kojoj je Plavšić pripadao u prosincu 1922. dala ostavku, uslijed tadašnjih političkih prilika nastala je novinska kampanja koja je bila uperena i protiv Balkanske banke. Time je taj slučaj dobio i čisto političku konotaciju. Tada je počela propast Balkanske banke. Kontinuiranim napadima novoga ministra financija, radikala Milana Stojadinovića, na Dušana Plavšića, novinskom kampanjom protiv Plavšića i Balkanske banke te katastrofalno izvedenim devizno-čekovnim transakcijama, cjelokupno poslovanje Balkanske banke došlo je u vrlo tešku financijsku situaciju. Krajem 1924. banci je odobrena prinudna nagodba. Na temelju te nagodbe banka je na svojoj izvanrednoj glavnoj skupštini 1925. zaključila likvidaciju. Banka je pravno postojala sve do 1948., kada je nakon praktično formalizirane likvidacije brisana iz trgovačkoga registra Okružnoga suda za grad Zagreb. ; The paper presents research results of the structure, business and liquidation of the Balkan Bank Ltd. in Zagreb from 1922 when it was founded, 1925 when it entered the liquidation process, until 1948 when its liquidation was formally finished. The bank had a branch in Belgrade. The bank's business had at first developed favourably, however, in August 1922 its president Dušan Plavšić took over the duty of the assistant finance minister. Since the government to which Plavšić belonged resigned in December 1922, a campaign in the press began due to political circumstances of that time and it was also aimed at the Balkan Bank. This gave the entire case a purely political connotation i.e. the bank's founders and managers were members of the Democratic Party, hence, Dušan Plavšić as its president was one of the prominent Party members. On the other hand, the next government was formed by Nikola Pašić and his Radicals and one of the latter, Milan Stojadinović, became a new finance minister. Plavšić's criticism of Stojadinović's financial policy caused his fall into Stojadinović's disfavour. After taking over his new duty Stojadinović continually attacked Dušan Plavšić. The campaign in the press had severe consequences for the bank. The alarming news about the bank's inability to pay its obligations caused its investors to withdraw their money. Within several months the bank had to return from the current accounts circa 20.000,00 dinars to various creditors, mostly other banks. This demand compelled the bank's management to take drastic measures, since these demands put the entire business of the bank into a very difficult situation. The bank had to accelerate the turnover of its funds as much as possible, which could mostly be achieved in foreign exchange turnover. The bank went rather naïvely and precipitously into the badly executed transactions involving foreign currency cheques, which proved disastrous. Namely, the bank forced selling of the dollar cheques, securing them in foreign currency. However, even though the bank bought large foreign currency funds in cash from various financial institutes in Zagreb and Belgrade in order to secure the sold cheques, the institutes did not produce the bought funds in time. Hence, not having enough funds at its disposal the bank was unable to secure its issued cheques. This forced the bank to cease its activities concerning foreign currency. Naturally, the press denounced the bank for selling bounced cheques. Just when it was thought that things cannot get worse, the Ministry of Traffic revoked the concession of the construction firm of the Graduated Engineer Nikola Plavšić for constructing the Vardište-Šargan railway, which was financed by the bank as a partner. The ensuing court battle did not enable the bank to regain even half of its invested funds, which took away its last hope to acquire larger financial funds. Its management had no alternative but to request the opening of the proceedings of agreement with creditors. The latter was adopted on 23 October 1924 and the decision of the Judicial Table as the agreement court in this issue was proclaimed on 10 November 1924. The agreement became final on 10 March 1925. Based on that agreement the Balkan Bank should have concluded its liquidation. The Extraordinary General Assembly on 18 April 1925 unanimously accepted the conclusion on the bank's liquidation. The bank legally existed until 1948 when after its liquidation was formalised in practice it was deleted from the commercial register of the County Court in Zagreb.
The author explores the evolution, functioning, similarities & differences between the original Bretton Woods international monetary system that operated from 1945 to 1973 & the present modified institution, which is symbolically called Bretton Woods 2 System. The existing international financial architecture keeps on being based on the hegemony of the US dollar, as a dominant reserve currency. However, in spite of the fact that in most cases the present international monetary system implies the regime of flexible foreign exchanges rates, a characteristic of this system is that many countries in different degrees refuse to accept the appreciation of their national currencies to the US dollar. At the same time, the domination of the USA, the most indebted country in the world, is becoming a very serious threat to its sustainability. However, as the author concludes, the creators of the international monetary system, being aware how serious could be the consequences of its cessation, endeavor to extend its operation accepting less expensive consequences of keeping it alive. Tables, References. Adapted from the source document.
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.
U ovom istraživanju ispitana je realna ekonomska aktivnost i monetarna politika SAD-a u usporedbi s vanjskotrgovinskom bilancom i valutnim tečajevima, primjenjujući modele Qual VAR i nelinearni VAR model. Ustanovili smo da međunarodno poslovanje s Brazilom, Kanadom i Meksikom ne dovodi do moguće recesije u SAD-u. Vrijednost domaće valute Brazila, Kanade i Meksika u odnosu na američki dolar ne pridonosi mogućoj recesiji na deviznom tržištu. Također smo pokazali da će kontrakcija američke ekonomije i kontrakcijska monetarna politika dovesti do aprecijacije američkog dolara vodeći do priljeva kapitala. Iako negativna stopa federalnih fondova (shadow interest rate) može imati asimetrične učinke na vanjskotrgovinsku bilancu s Kanadom i USD / CAD-om, smatramo da će vanjskotrgovinska bilanca s Meksikom i USD / MXN biti pozitivno ili negativno uvjetovana povećanjem odnosno smanjenjem stope federalnih fondova. ; In this study, the real economic activity and monetary policy in the US are examined in comparison with the foreign trade balance and exchange rates, using Qual VAR and nonlinear VAR models. We found that the foreign trade with Brazil, Canada and Mexico do not lead to a possible recession in the US. The value of the domestic currency of Brazil, Canada and Mexico against the US dollar does not contribute to a possible recession over the foreign exchange market. We also show that a contraction in the US economy and contractionary monetary policy will lead to the appreciation of the US dollar by leading to capital inflows. Although the shadow interest rate may have asymmetric effects on the foreign trade balance with Canada and USD/CAD, we find that the foreign trade balance with Mexico and USD/MXN will be affected positively/negatively by an increase/decrease in the shadow interest rate.
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.
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.
Vanjska trgovima ima veliki značaj u gospodarstvu svake zemlje. Bez vanjske trgovine zemlja ne bi mogla biti konkurentna na svjetskom tržištu i ostvarivati devizna sredstva. Pitanje odnosa Turske i Europske unije kao nositelja europskog integracijskog procesa predmet je političkog i geostrateškog spora koji traje više od pedeset godina. Primarni razlozi za uporne zahtjeve Turske za priključenjem Europskoj uniji su, među ostalim, brojni Turci u Europi i važnost trgovine između njih. Turska je, međutim, također sve više razočarana široko rasprostranjenim protivljenjem njenom pristupanju među zemljama članicama EU. Čimbenici odnosa Republike Turske i Europske unije su : demografski aspekti, sociološke i kulturološke razlike, pristupni kriteriji, ekonomski aspekti i politički problemi. U posljednja dva desetljeća carinska unija EU-Turska bila je okosnica okvira bilateralne trgovine. Za to vrijeme Turska je postala petom glavnom trgovinom s EU na globalnoj razini s vrijednošću bilateralne trgovine robom od 140 milijardi eura u 2017. godini. Slično tome, EU je najvažniji trgovinski partner Turske, koja predstavlja 41% Turske globalne trgovine. ; Foreign trade has great significance in the economy of each country. Without foreign trade the country could not be competitive on the world market and realize foreign currency assets. The question of the relationship between Turkey and the European Union as the bearer of the European integration process is the subject of a political and geostrategic dispute that lasts more than fifty years. The main reasons for persistent Turkey's demands for joining the European Union are, among other things, many Turks in Europe and the importance of trade between them. Turkey, however, is also increasingly disappointed with the widespread opposition to its accession among EU member states. Factors of the relationship between the Republic of Turkey and the European Union are: demographic aspects, sociological and cultural differences, access to critique, economic aspects and political ...
