The Use of Euro as a National Currency in Montenegro and Its Impact on the Functioning of the State

Republika nekdanje Jugoslavije, ki je prva uvedla evro, je Črna gora. Njena pot proti Evropi se je začela že pred osamosvojitvijo, ko je po konverziji iz nemške marke, ki jo je uporabljala do leta 2002, njena valuta postala evro. Nominalna konvergenca v EU se zagotavlja preko Maastrichtskih pravil ali konvergenčnih kriterijev, ki natančno opredeljujejo štiri področja. Države članice EU morajo za izpolnitev pogojev za vstop v EMU upoštevati pravila na vseh področjih. Črna gora teh kriterijev ni izpolnjevala, vendar lahko uporablja evro. Slednji je v Črni gori omogočil stabilizacijo na področju inflacije, prav tako se je podvojil nominalni BDP države, kar lahko pripisujemo tudi velikemu pritoku neposrednih tujih investicij. Želja države ni zgolj uporaba evra, vendar želi postati tudi polnopravna članica EU in kasneje tudi ekonomske in monetarne unije. Državi je status kandidatke za članstvo v EU že odobren. Potrebno je sprejeti še vrsto ukrepov, tudi na področju monetarne politike, poleg katerih obstaja tudi strah, da bo ČG morala uvesti lastno valuto.The first Republic of the former Yugoslavia which imposed the euro is Montenegro. Country’s path towards Europe began before the declaration of independence, when after the conversion from German Mark, used till 2002, her currency became the euro. Nominal convergence in the EU is provided through Maastricht or Convergence treaty, which defines four areas. If the members of the EU want to fulfil the terms to enter the EMU, they have to respect the rules in all of the areas. Montenegro did not meet the criteria, yet it can still use the Euro. This enabled the stabilization in the country regarding inflation, additionally the nominal GDP doubled which can also be ascribed to a large inflow of direct foreign investment. The country does not only want to use the euro but also wants to become the full member of the EU and later on also of the Economic and Monetary Union. Montenegro already has a status of a candidate for membership. However there had to be some measures taken, also in the area of monetary policy but there is also the fear that the country would be forced to introduce their own currency