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The Path to Euro Adoption: a Case Study of Slovenia and Slovakia

Author

Listed:
  • Dorina Clichici

    (Economic Integration and Financial Markets Department, Institute for World Economy, Romanian Academy)

Abstract

By the terms of their treaties of accession, the financial integration and the adoption of the euro became binding on all new Member States of the European Union. Once they meet the convergence criteria and ensure their laws are compatible with the euro area, they are legally obliged to adopt the euro. This paper aims to track the integration path into the euro area of Slovenia and Slovakia, and to find out the main lessons from these stories. The results revealed that the process of adopting the euro in both countries has been very smooth and rapid, due to a general political and public consensus driven by an efficient communication strategy. Thanks to the emphasis on macroeconomic stability throughout the pre-accession period and due to clear economic policy priorities, Slovenia managed to remedy the economic imbalances and to meet the nominal convergence criteria. In the same time, fundamental institutional reforms and foreign direct investment have allowed Slovakia to adopt an export-oriented growth model that made this country one of the most notable examples of the catching-up process in recent decades.

Suggested Citation

  • Dorina Clichici, 2021. "The Path to Euro Adoption: a Case Study of Slovenia and Slovakia," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 9(1), pages 107-115, June.
    • Handle: RePEc:ntu:ntugeo:vol9-iss1-107-115
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    References listed on IDEAS

    as
    1. Knut Blind & Axel Mangelsdorf & Crispin Niebel & Florian Ramel, 2018. "Standards in the global value chains of the European Single Market," Review of International Political Economy, Taylor & Francis Journals, vol. 25(1), pages 28-48, January.
    2. Michal Havlat & David Havrlant & Robert Kuenzel & Allen Monks, 2018. "Economic Convergence in the Czech Republic and Slovakia," European Economy - Economic Briefs 034, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Euro adoption; Slovenia; Slovakia; big-bang scenario; dual circulation; nominal convergence; real convergence;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F15 - International Economics - - Trade - - - Economic Integration

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