UDC 338.23:336.74
Biblid: 0543-3657, 62 (2011)
Vol. 62, No 1142, pp. 94-108

Pregledni članak
Received: 12 Feb 2011
Accepted: 01 Jan 1970


Marković Dragana (Redovni profesor ekonomskog fakulteta Univerziteta u Kragujevcu),
Furtula Srđan (Asistent ekonomskog fakulteta Univerziteta u Kragujevcu)

in order to achieve macroeconomic stability, economic policy of a state should be focused on the coordinated and efficient use of its instruments. Monetary policy is one of the basic instruments of economic policy, whose objectives are also the targets of monetary policy. Therefore, each country seeks to retain sovereignty in the conduct of monetary policy and the exclusive right of issuing money and managing the flow of its supply. nevertheless, from various political and economic reasons states accept the loss of monetary sovereignty and decide to join together and form some form of monetary union. in the past, the monetary arrangements differed in terms of currency, functions and organization of the central bank and the degree of political integration. although they applied different models of monetary integration, monetary unions most often resulted from the establishment of political unions and compromises. Unlike them, the economic and Monetary Union, which was formed in 1999 together with the single european central bank and single currency is a sort of experiment because it was formed without previously establishing a political union. The analysis of development and prospects of monetary integration in the world helps our country create a strategy of integration to europe. The uniqueness of the european monetary integration and the complex political and economic structure of Serbia indicate that it will not be an easy process of integration.

Keywords: monetary integration, monetary policy, national Bank of Serbia, european Monetary Union