Ekonomski suverenitet i integracijski procesi

(1) ... abandonment of own currency and irrevocable fixing or persistent stabilization on inadequate exchange rate level of national currency limits the space of establishing own economic policy of a country in case of recession: + (2) ... Croatia still needs its own development strategy in preparing for entry into regional integrations, as EU and CEFTA are. ... The criteria of global financial system have been applied overweightily, according to model of neoliberal doctrine conformably to globalization mechanisms. If the Croatian economic strategy does not establish well the "timing" of adequate economic policy measures ... it may essentially initiate moving out of its productive factors from the country. That would be opposite to expected benefits of the created sovereign state. Delicacy of this question is also revealed in initiatives of grouping low developed parts of South-East Europe into further "subregional integrations" according to criterion of their economies and necessity of creation the larger markets. ... ... pressing Croatia into ... unacceptable integrations is insufficient for historical circumstances. ... it is necessary socio-economically adequately to interprete the position of Croatia in the policy of European integrations. (SOI : EP: S. 421-423) + Usual depreciation of national currency in such circumstances to initiate exports and prevent imports, thus raising and maintaining employment is not possible any more; the mechanism of adjustment is now in a scope of microeconomics on the offer side ... ; by fiscal policy as a remaining sphere of the sovereign economic policy it is perhaps possible to cause larger interest and draw capital from abroad, and thus stop the employment and wages decline. The structure of a group of policies which are available to a sovereign state has been narrowed in any case. ... The policy of "fixed exchange rate", maintenance of stable exchange rate on an overvalued level, or abandonment of national currency on a middle or longer term suppose cost adjustment of a country to an integral market or world competitiveness. If differences in productivities among countries are significant, it causes on a shorter or middle term high social costs and political tensions. If countries within regional integration too much differ in regard to global productivity and economic structures, a large mobility of labour force is unavoidable, especially if there is a lack of an adequate capital mobility in direction of depressive countries or regions. Along to implications of leaving monetary sovereignty according to criteria of social costs, there should be added implications in monetary union's benefits or uniform currency. The following benefits are the most frequent: (1) uniform currency for larger area performs better the function of value measure, means of payment and value protection; (2) uniform currency eliminates speculative capital movements ... ; interests, profit and capital gains remain the motive of capital flow; (3) as a large benefit is ... considered saving caused by disappearance of necessity of keeping foreign exchange reserves on the national level. ... Foreign exchange reserves for interacting transactions among member countries become unecessary. Monetary integration also causes eventually fiscal and general financial integrations, tax system adjustment, joint budget, a ... "structural adjustment fund" of the member countries for the support to the countries which are in difficulties ... It should be emphasized the importance of the differences in the level of development of countries participants, measured by per capita income or differences in productivities of their economies, especially differences in growth rates of domestic production, productivity and employment. Activating of a country's comparative advantages by easier capital mobility within the union and thus keeping of its labour force at home can make the participation in the Union more attractive