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Economic challenges of North Macedonia's bridging toward European Union with a focus on real and nominal convergence
Abstract
The paper examines real and nominal convergence of North Macedonia toward European Union (EU) and European Monetary Union (EMU), with regard to real and external developments as well as fiscal and monetary developments in the country, in line with Copenhagen and Maastricht criteria. Hence, the North Macedonia's economic developments in prices, fiscal balances and debt ratio, exchange rates and long term interest rates are reviewed from backward looking perspective, focusing mainly on the last 10 years, covering the yearly period: 2010-2020. The results of the paper suggest that the country is on a good shape, with respect to transition developments, as well as real sector and external sector developments, thus enhancing the advancement of the country's EU approximation path and is far away from monetary integration.
... In addition, based on group countries, both eu and e mu, during the second decade, have shown failing results of the debt/gdp ratio, thus confirming a sensitive case with respect to the sustainability of European public finances. no t e s Column headings are as follows: (1) In general, participation in the e mu depends on the flexibility of fiscal policy, achieved targeted fiscal policies within the s gp framework and the assessment of the Maastricht criteria in relation to speeding up the nominal convergence toward e mu approximation path (Dauti & Herzog, 2009;Dauti & Emini, 2019). The s gp recommends the requirement for perceiving the Maastricht criteria even after e mu membership and provides rather explicit guidelines for the course of deciding whether an emu member country runs an excessive deficit or not. ...
The chapter outlines the fiscal policy in the EU, in the light of Stability and Growth Pact (SGP), by focusing the analysis on the need for fiscal rules in the European Monetary Union (EMU) countries. The chapter also reviews the European semester for economic and fiscal policy coordination. The last section of the chapter outlines the implications of the EU fiscal policies for the Western Balkan (WB) countries and reviews some of the economic policies applied in the Western Balkan for approximating the region with the EU integration economic path.
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