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

Eric Magnin () and Nikolay Nenovsky ()
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Eric Magnin: University Paris Cité

Chapter Chapter 7 in Diversity of Capitalism in Central and Eastern Europe, 2022, pp 133-147 from Springer

Abstract: 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.

Keywords: Montenegro; Kosovo; Euroization; Lender of last resort (LOLR); Seigniorage; Deutsche Mark (DM) (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-04950-7_7

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DOI: 10.1007/978-3-031-04950-7_7

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