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Macroeconomic Criteria for the Republic of Croatia's Accession to the European Union and European Monetary Union

The macroeconomic criteria of Croatia's accession to the European Union (EU) and the European Monetary Union (EMU) and the ability of Croatia's economy to fulfill these conditions are the main economic policy challenges in the integration process. Essentially, the Republic of Croatia does not fall behind other Central European countries in the fulfillment of the anticipated EU and EMU membership criteria. The Republic of Croatia has scored certain advantages pertaining to the macroeconomic stability criteria (save the budgetary deficit), investment efficacy, and potential growth. It lags behind in certain structural reforms, especially in the securities market development, approximately for at least four years. The main economic policy problem will concern the budgetary deficit reduction and public debt stabilization, and the macroeconomic policy should be cautious in order to increase extern stability and maintain favorable growth conditions. In that respect, the paper discusses: (1) the macroeconomic criteria of the accession to the EU and EMU, (2) the ability of the Republic of Croatia's economy to fulfill these conditions, and (3) the main economic policy guidelines in the EU and EMU accession process.

accession; Croatia; EU; EMU

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