Potenciálne skryté straty pre Slovensko ako člena Európskej menovej únie
Potential Hidden Losses for Slovakia as a Member of the European Monetary Union

Summary/Abstract: Potential Hidden Losses for Slovakia as a Member of the European Monetary Union. Aim of this paper is to evaluate solutions for European crisis in context of Slovak participation in rescue mechanisms. The most evident element is the European stability mechanism. There is no problem with estimation of the potential losses caused by the eurozone break-up for the Slovak Republic regarding ESM. But there are other mechanisms used mainly by the ECB as monetary instruments for stabilization of the financial markets. ECB via these instruments bears potential risk of losses regarding default of the member state(s) that could damage its balance sheet. The Protocol on the statute of the European system of central banks and ECB says that losses from the common mechanisms should be borne by eurozone member states according to their share in the ECB ́s capital. It is inevitable for the Slovak Republic to realize the size of its exposure via European programmes on the peripheral economies to maintain appropriate attitude as far as the eurozone issues are concerned. The author therefore tries to reveal potential hidden losses for Slovakia as a member of the European monetary union that are not explicitly seen.

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