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

Tome Nenovski () and Makrevska Elena ()
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Makrevska Elena: University American College Skopje

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1511-1514

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.

Keywords: strategies, exchange rate; synchronization; inflation; Euro (search for similar items in EconPapers)
JEL-codes: E52 (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1511-1514