Politička ekonomija evra
Political Economy Of The Euro

Summary/Abstract: The crisis of European monetary integration raises the question of destiny of the euro. The formation of the EMU and introduction of the euro as its members’ common currency is accompanied by consideration of the optimum currency area theory and by dilemma on its endogeneity. Euro became an independent, entirely developed currency; however, its influence to structural changes of the EMU country members remained insufficient. Inadequately realized structural changes contributed the severity of the public debt crisis. This crisis threatens to slow down the development of the EMU country members in long run, even challenging the survival of monetary integration. The crisis opens the issue of further integration of the monetary union countries into the fiscal union. Considering the high level of euroization, Serbia must carefully choose the foreign currency regime in order to be less vulnerable to crisis.

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