Macro: Special Croatia & ERM II Entry: A Potential Success Story
Croatia would significantly benefit from the entry into ERM II and subsequently, from the adoption of the euro. The nation is a small and open economy, which is highly integrated in the European trade and financial chains with a high level of euroization as well as limited monetary policy independence. Hence, benefits would significantly outweigh any costs with the biggest benefit being a reduction in FX risk. Experience from Slovenia and Slovakia showed that not all convergence criteria need to be fulfilled to proceed with ERM II entry. Although Croatia is still at the beginning of the steps necessary for the adoption of the euro, we are confident that the country will enter ERM II soon.This Research was produced and first published by Raiffeisen Bank International AG which is supervised by the Austrian Financial Market Authority and the National Bank of Austria.
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