Exchange rate policy in the new EU mamber states

Abstract

U svakodnevnim raspravama devizni tečaj česta je tema, odnos domaće i strane valute,jeli realan ili ne te hoće li doći i do koje promjene valute će doći. Neki ekonomisti smatraju da je devizni tečaj najvažnija ekonomsko-politička varijabla jer utječe na sva makroekonomska kretanja. U radu se analiziraju tečajni sustavi novih zemalja članica Europske unije počevši od početka devedesetih godina pa sve do danas. Zemlje srednje i istočne Europe, prelaskom na tržišnu privredu, započele su razvoj koji se temeljio na inozemnoj štednji. To je dovelo do precijenjenosti domaće valute, velikog deficita na tekućem računu zemlje i inozemne zaduženosti te su mnoge zemlje došle u tešku gospodarsku situaciju. Cilj jeizrade rada upoznavanje s tečajnim režimima, njihovim prednostima i nedostatcima, utvrđivanje čimbenika koji utječu na izbor tečajnih režima, upoznavanje s tečajnom politikom novih zemalja članica Europske unije, kriterijima ulaska u Ekonomsku i monetarnu uniju i posljedicama preuzimanja eura kao vlastite valute za odabrane zemlje članice EU. Analizirane su zasebno nove zemlje članice koje su uvele euro (Cipar, Litva i Slovenija) i zemlje koje još uvijek vode svoje samostalne monetarne politike i neće u skoro vrijeme uvesti zajedničku valutu (Hrvatska i Bugarska).In everyday discussion exchange rate policy is a frequent theme, the ratio of domestic and foreign currency, is it real or not, will there be change and which changes in the currency will come. Some economists believe that exchange rate is the most important economic-political variable, because it affects on all macroeconomic trends. In this paper analyzes the exchange rate system of new member states of the European Union, starting from the beginning of the nineties and continuing until today. The countries of Central and Eastern Europe, the transition to a market economy, started the development which is based on foreign savings. This has led to overvaluation of the domestic currency, a large current account deficit and external dept of country, so many countries came to difficult economic situation. Aim of the dissertation is to inform about exchange rate regimes, their advantages and disadvantages, determining factors influencing the choice of exchange rate regime, getting to know the exchange rate policy of the new EU member states, the criteria of joining the Economic and Monetary Union and consequences of taking the euro as their own currency for selected countries EU member states. Were analyzed separately New Member States that have adopted the euro (Cyprus, Lithuania and Slovenia) and the countries that still maintain their independent monetary policy and sings in the near severity common currency (Croatia and Bulgaria)