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EU Criteria with Special Emphasis on the Economic Convergence Critaria - Where is Croatia?

Author

Listed:
  • Michael Faulend

    (The Croatian National Bank, Croatia)

  • Davor Lončarek

    (The Croatian National Bank, Croatia)

  • Ivana Curavić
  • Ana Šabić

    (The Croatian National Bank, Croatia)

Abstract

The fulfilment of the convergence criteria, better known as the Maastricht criteria, is not a precondition for EU accession, but is a precondition for the adoption of the euro as a national currency. Only after a country becomes an EU member it can, subject to the fulfilment of the convergence criteria and successful participation in ERM II, be authorised to adopt the euro. This paper is focused on the (economic) convergence criteria. In addition to providing a methodological insight into each of these criteria, it discusses and analyses relevant Croatian indicators. An important goal of the paper is to assess the harmonisation of present Croatian indicators with the Maastricht criteria and examine whether these indicators can be used to compare Croatia with other countries, the present and future EU members. In this sense, the paper also indicates the areas where progress is yet to be made in order to attain a favourable starting position for participation in ERM II (once Croatia enters the EU) and the prospective adoption of the euro as the national currency.

Suggested Citation

  • Michael Faulend & Davor Lončarek & Ivana Curavić & Ana Šabić, 2005. "EU Criteria with Special Emphasis on the Economic Convergence Critaria - Where is Croatia?," Surveys 13, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:survey:13
    as

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    File URL: http://www.hnb.hr/repec/hnb/survey/pdf/s-013.pdf
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    References listed on IDEAS

    as
    1. Mr. Anthony M Annett & Mr. Jörg Decressin & Mr. Michael Deppler, 2005. "Reforming the Stability and Growth Pact," IMF Policy Discussion Papers 2005/002, International Monetary Fund.
    2. Martin S. Feldstein, 1997. "The Costs and Benefits of Going from Low Inflation to Price Stability," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 123-166, National Bureau of Economic Research, Inc.
    3. Gunther Schnabl & Paul De Grauwe, 2004. "Nominal versus Real Convergence with Respect to EMU Accession - EMU Entry Scenarios for the New Member States," International Finance 0403008, University Library of Munich, Germany, revised 16 Feb 2005.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Merita Boka & Giuseppe Torluccio, 2013. "European Integration Process: Where is Albania?," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 2, October.

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    More about this item

    Keywords

    European Union; Croatia – candidate country; convergence criteria;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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