Naslov
THE 'INBETWEENERS’ IN THE BANKING UNION: INSIGHTS FROM THE EXPERIENCE OF ECB-CNB CLOSE COOPERATION

Autori
Božina Beroš, Marta ; Parać Vukomanović, Ivana ; Bajakić, Ivana

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, neobjavljeni rad, ostalo

Skup
IMPACTEBU's international scientific workshop „European financial integration and EU Member States“

Mjesto i datum
Pariz, Francuska, 04.10.2021. - 05.10.2021

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Podatak o recenziji nije dostupan

Ključne riječi
close cooperation, Croatian National Bank, institutional reform, policy capacity

Sažetak
In July 2020, the European Central Bank (ECB) has established close cooperation with the Croatian National Bank (cro. Hrvatska Narodna Banka, hereafter CNB) welcoming for the first time an “inbetweener”, i.e., a member state outside the euro area within the ECB Banking Supervision family and, hence, the Banking Union (Enria, 2020). It is important to stress that the establishment of close cooperation was a prerequisite for Croatia’s participation to the Exchange Rate Mechanism II (ERM II), as the first practical step toward adopting the euro. Both events mark important milestones in the trajectory of EU’s monetary and banking integration, but the magnitude of these developments can only be fully appraised from the perspective of the inbetweener. Namely, to establish close cooperation with the ECB, Croatia and the CNB initiated a comprehensive regulatory and institutional overhaul which has recalibrated the bank’s legislative powers and policy capacities. Against this backdrop, this paper examines some of the more important amendments related to the CNB’s policy and polity, such as the legislative empowering of its sanctioning role, the (ongoing) institutional overhaul of the bank’s internal structure as well as its institutional re- positioning within the domestic community of economic policy stakeholders in response to the narrowing of central bank policy tools after ERM II, which consequently calls for a new balance of powers between government actors bearing economic policy responsibilities.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Pravo

POVEZANOST RADA