Analiza instrumenata Evropske centralne banke - lekcije za Bosnu i Hercegovinu
The analysis of European Central Bank's instruments - lessons for Bosnia and Herzegovina

Summary/Abstract: This article analyses current events in Bosnia-Herzegovina with regard to the implementation of the existing model of monetary politics, in two complementary aspects. The first aspect refers to the questions of integration of Bosnia-Herzegovina in the European Monetary Union and the European system of central banks, by presenting the experiences and practices of the countries in similar conditions that have already accomplished progress in the process of monetary integrations. The second aspect takes into account, again partly borrowing from the experiences of the aforementioned countries, the possible directions toward improvement of the conditions of monetary policy in Bosnia-Herzegovina in the context of developing elements, as well as the instruments of the Central Bank in Bosnia-Herzegovina.The synthesized form of the first part of this article touches upon the framework of the monetary politics of the European Central Bank, with certain specifics interesting for the purposes of this article, as well as the analyses and comparisons within it. The second part offers a comparative portrayal of the circumstances in Bosnia- Herzegovina with respect to this question using, as a frame of reference, the European Central Bank and its monetary policy, as well as the countries that have either completed or are on their way toward integrating within the European Monetary Union, and have also had the currency board arrangement as their starting position. The conclusion, based on the analyses conducted in the two parts, offers a number of suggestions as the possible solutions for the noted problems, as well as the directions with regard to the development of the monetary policy in Bosnia-Herzegovina.

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