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Macroeconomic aspects of Croatia's accession to the European Union

In: Croatian Accession to the European Union: Economic and Legal Challenges

Author

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  • Dubravko Mihaljek

    (Bank for International Settlements, Basel)

Abstract

This paper analyses the main macroeconomic conditions for joining the EU and the European Monetary Union (EMU), the readiness of the Croatian economy to meet these conditions, and the main challenges for economic policy on the road to these integrations. Croatia does not lag significantly behind the other CEE countries in fulfilling the criteria for EU and EMU membership. It has certain advantages with respect to the criteria of macroeconomic stability (with the exception of the budget deficit), investment efficiency, and potential growth. However, delays in the implementation of some structural reforms, in particular the development of a securities market are estimated at about four years. The main challenges for economic policy in the run-up to EU and EMU are expected to be reducing the budget deficit and stabilising the public debt. Moreover, macroeconomic policies should remain prudent so as to strengthen external stability and maintain favourable conditions for growth.

Suggested Citation

  • Dubravko Mihaljek, 2003. "Macroeconomic aspects of Croatia's accession to the European Union," Chapters in books, in: Katarina Ott (ed.), Croatian Accession to the European Union: Economic and Legal Challenges, volume 1, chapter 2, pages 25-65, Institute of Public Finance.
    • Handle: RePEc:ipf:chaptr:1-02
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    File URL: http://www.ijf.hr/eng/EU/mihaljek.pdf
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    References listed on IDEAS

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    1. Daniel Gros, 2002. "Central Europe on the Way to EMU," Rivista di Politica Economica, SIPI Spa, vol. 92(1), pages 89-108, January-F.
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    Cited by:

    1. Ivana Rukavina, 2022. "Evaluation of macroeconomic outcomes and the seven-year membership of Croatia in the European Union," Public Sector Economics, Institute of Public Finance, vol. 46(1), pages 1-42.
    2. Ivo Bićanić & Vojmir Franicevic, 2003. "Understanding Reform: the Case of Croatia," wiiw Balkan Observatory Working Papers 33, The Vienna Institute for International Economic Studies, wiiw.

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