Theory of the Optimum Currency Area and European Monetary Union

Začeci teorije optimalnog valutnog područja sežu u šezdesete godine prošlog stoljeća, kada je Robert Mundell prvi put uveo taj pojam. On je definirao faktor mobilnosti kao glavni kriterij prilikom formiranja optimalnog valutnog područja. Njegovu teoriju dalje su razvili Ronald McKinnon i Peter Kenen koji su kao kriterije uveli i stupanj otvorenosti te stupanj diverzificiranosti proizvodne strukture gospodarstva. Prednosti optimalnog valutnog područja su smanjivanje poslovnog rizika i ekonomske nesigurnosti zbog eliminacije promjene tečaja, povećana konkurentnost i proizvodnost, povezanija nacionalna tržišta, stabilizacija inflacije te veća likvidnost. Europska monetarna unija nastala je na temeljima teorije optimalnog valutnog područja. 2002. godine uveden je euro, globalna valuta koja se s američkim dolarom trebala boriti za ulogu dominantne svjetske valute. Područje eurozone trenutno tvore 19 zemalja članica. U monetarnoj uniji, jedinstvena Europska središnja banka upravlja zajedničkom monetarnom politikom za cijelu eurozonu, a primarni cilj joj je održavanje stabilnosti cijena. Međutim, od uvođenja jedinstvene europske valute, posebice zbog financijskog sloma iz 2008. eurozona ostvaruje stagnantne ili čak negativne stope rasta te se našla na udaru brojnih kritika na račun njezine učinkovitosti za europsko gospodarstvo. Brojni ekonomisti predlažu reforme kako bi euro ostvario bolje ekonomske efekte ili odustajanje od jedinstvene valute.The origins of the theory of the optimal currency area date back to the sixties of the last century, when Robert Mundell introduced the concept for the first time. He defined the mobility factor as the main criterion in forming the optimal currency area. His theory was continued by Ronald McKinnon and Peter Kenen, who as a criterion introduced the degree of openness and degree of diversification of the manufacturing structure of the economy. The benefits of the optimal currency area are the reduction of business risk and economic insecurity due to the elimination of exchange rate fluctuations, increased competition and productivity, integration of national markets, stabilization of inflation and higher liquidity. The European Monetary Union was formed on the basis of the theory of the optimal currency area. In 2002, the euro was introduced, a global currency that was supposed to compete with US dollar for the top. 1. global currency. The eurozone currently have 19 member states. In the Monetary Union, the single European Central Bank manages the common monetary policy for the entire eurozone, and its primary objective is maintaining price stability. However, since the introduction of the single European currency, especially due to the 2008 financial crisis, the eurozone has experienced stagnant growth rates and has been hit by many criticisms of its efficiency for the European economy. Numerous economists suggest many solutions, such as different structural reforms, so that the euro can achieve better economic effects, or another alternative is breakdown of the eurozone