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Adjustment of the Macedonian Monetary Policy with the European Union Monetary Policy

Author

Listed:
  • Nenovski Tome

    (University American College Skopje)

  • Makrevska Elena

    (University American College Skopje)

Abstract

Strategic goal of Republic of Macedonia (RM) is membership in EU. That road is apparently long. There are lots of reasons. Among them is the need for adjustment of particular instruments of the macroeconomic policy of RM. The main instruments of macroeconomic policy in every country are fiscal and monetary policy. For the fiscal policy in RM can be said that in big portion is adjusted to Maastricht criteria. But we can’t say the same for the monetary policy. Sixteen years in row in RM is implementing monetary strategy of fixed exchange rate. That kind of strategy contributes for sustaining macroeconomic stability. From the other side, rates of economic growth were low or with negative values. External trade deficit have permanently upward trend. Unemployment rate is pretty high. Those results impose the question about adequacy and sustainability of existing monetary strategy or it should be changed with targeting inflation.

Suggested Citation

  • Nenovski Tome & Makrevska Elena, 2011. "Adjustment of the Macedonian Monetary Policy with the European Union Monetary Policy," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1511-1514, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1511-1514
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    More about this item

    Keywords

    strategies; exchange rate; synchronization; inflation; Euro;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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