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The new economic policy of the EU and its application in the Republic of Croatia

The global crisis has created new challenges and new ways of solving them in different parts of the world. In the United States it has been characterized primarily by powerful actions and financial stimuli from the central bank, the Federal Reserve Bank, or the Fed, to stabilize the banking (financial) system, and by further stimuli in the real sector. Within the EU the accent in the first period was placed on implementing structural reforms in individual countries and then on activities directed at significantly greater coordination and monitoring in achieving national goals of economic and development policy. In this context a new control and corrective mechanism (the EU Semester) has been created through which the European Commission analyses the fiscal and structural reform policies of every member state, provides recommendations, and monitors their implementation. Also, the presence, role and activities of the European Central Bank have been enhanced to create a mechanism to prevent possible future financial crises, but also one to provide the prerequisites for stimulating economic growth. As a full member of the EU since 1 July 2013, the Republic of Croatia is in a position for opening new opportunities but also to take on new responsibilities. The long, deep economic crisis can be resolved with the assistance of EU institutions and EU structural funds, but at the same time it demands a considerably greater degree of responsibility and effort by the executive authorities in achieving the necessary structural reforms. This work cites the causes of the economic crisis in Croatia and it then analyzes the possibility for overcoming it by a series of synchronized measures and actions: reforms that for one populist political reason or another were ignored for a long time, or postponed, contrary to the warnings from foreign and domestic professional institutions.

crisis, new EU economic policy, EU Semester, programs for economic adaptation, EDP procedure and Croatia, structural reforms, economic growth.

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