Article: Will Montenegro have to drop the euro to join the EU?

An article titled „Will Montenegro have to drop the euro to join the EU?“ written by the author Milana Nikolova, was published in Emerging Europe portal on September 1.

Montenegro, which unilaterally adopted the euro in 2002, might – somewhat ironically – have to introduce its own currency before it can join the European Union.

Montenegro’s history of currency substitution, often called dollarisation or euroisation, the practice of unilaterally adopting the currency of another state, or – in the case of the euro – a monetary union, now dates back over two decades“, wrote Nikolova.

Professor Danijela Jaćimović told the Emerging Europe that “Economists Rudy Weissenbacher and Joachim Becker state that the ‘political elites in these countries (Kosovo and Montenegro) had discreet support’ from the big international and geopolitical players, which led to ‘systematic isolation from Serbia“. Professor Jaćimović said that EU bodies have so far shown understanding.

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One thing is certain – Montenegro does not meet the convergence criteria, therefore, it is assumed that this will be one of the topics during the negotiation process.

So, will Montenegro have to introduce its own currency, or will a „special approach“ be found, aiming to keep the economic and financial stability of the region?

You can read the full article HERE.

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