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BENEFITS AND RISKS OF JOINING EUROPEAN ECONOMIC AND MONETARY UNION: CROATIAN PERSPECTIVE

Economic and monetary unions have become a crucial part of the global economy through the last several decades. There is now some form of an economic or monetary union appearing on every continent. Majority of world trade needs to abide by bilateral trade agreements established either between two economic and monetary unions or between an individual country and an economic and monetary union. The paper deals with effects of joining the European Economy and Monetary Union (EMU), a topic that is often a matter of public debate, especially in potential member states like Croatia. In Croatia the public has been divided on the issues since Croatia applied to join the European Union, the divide in Croatia has been more in favour towards the negative consequences since 2014. However recently, the public opinion is starting to shift towards a more positive outcome as Croatia is preparing to enter the EMU. The decision to join a monetary union, specifically the EMU is not an easy and straightforward one. And such is the case for Croatia as well, the issue is complex with many benefits and risks facing Croatia in its path of accession into the EMU. Theory of optimum currency areas, as well as EMU criteria are analysed on the case of Croatia, as an important guidance to convergence and a successful integration into the EMU. A decision whether a country should join an economic and monetary union is a complex one, with each country facing a different set of benefits and risks.

benefits, risks, European Economic and Monetary Union, Croatia

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