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Dependent Monetary Regimes in Post-Communist Balkan Periphery: Unilateral Euroization in Montenegro and Kosovo

In: Diversity of Capitalism in Central and Eastern Europe

Author

Listed:
  • Eric Magnin

    (University Paris Cité)

  • Nikolay Nenovsky

    (University of Picardie Jules Verne
    State University HSE and Department of Political Economy, RUDN)

Abstract

In this chapter, we briefly present the discussion on the official euroization of dependent capitalisms from the former socialist bloc. We are focusing mainly on unilateral euroizations in Montenegro and Kosovo. The history of the change of monetary regimes in both countries has been reconstructed within the framework of the theory of dependent monetary regimes, presented in the previous chapters and applied to the introduction of Currency boards in Bulgaria and Bosnia and Herzegovina. Compared to Currency boards, the subordination of euroization and the dependence of the monetary regime on the leading monetary centre is significantly stronger, and euroization is entirely imposed by external actors and serves their interests. Despite the lack of nationally issued money, there are opportunities to pursue a limited discretionary monetary policy.

Suggested Citation

  • Eric Magnin & Nikolay Nenovsky, 2022. "Dependent Monetary Regimes in Post-Communist Balkan Periphery: Unilateral Euroization in Montenegro and Kosovo," Springer Books, in: Diversity of Capitalism in Central and Eastern Europe, chapter 0, pages 133-147, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-04950-7_7
    DOI: 10.1007/978-3-031-04950-7_7
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