ECONOMIC CHALLENGES OF NORTH MACEDONIA’S BRIDGING TOWARD EUROPEAN UNION, WITH FOCUS ON REAL AND NOMINAL CONVERGENCE
ECONOMIC CHALLENGES OF NORTH MACEDONIA’S BRIDGING TOWARD EUROPEAN UNION, WITH FOCUS ON REAL AND NOMINAL CONVERGENCE

Summary/Abstract: The paper examines real and nominal convergence of North Macedonia toward European Union (EU) and European Monetary Union (EMU), with regard to real and external sector developments as well as fiscal and monetary developments in the country, in line with the Copenhagen and Maastricht criteria. Hence, the North Macedonia’s economic developments in prices, fiscal balances and debt ratio, exchange rates and long-term interest rates are reviewed from a backward – looking perspective, focusing mainly on the last 10 years. The results of the paper suggest that the country is on a good shape, with respect to transition developments, as well as real sector and external sector developments, thus enhancing the advancement of the country’s EU approximation path and is far away from monetary integration.

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