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Euro Adoption in Slovenia

This article by Boštjan Jazbec, a Member of the Governing Board, discusses Slovenia's path towards adopting the Euro. It covers topics such as macroeconomic stabilization, meeting Maastricht Criteria, entering ERM2, and the overall transition process. Slovenia's favorable initial conditions, money-based stabilization program, banking sector rehabilitation, and sound macroeconomic performance are highlighted. The comparison with Greece and Portugal in terms of inflation and exchange rates, synchronization of business cycles, inflation criterion fulfillment, and country risk premium are also discussed. Challenges ahead include inflation, competitiveness, financial sector development, and labor market reforms.

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Euro Adoption in Slovenia

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  1. Euro Adoption in Slovenia Boštjan Jazbec Member of the Governing Board The views expressed are those of the author and not necessarily those of the Bank of Slovenia.

  2. Contents • Macroeconomic Stabilization and Transition • Macroeconomic Perfomance • Maastricht Criteria • Entry to ERM2 and Adoption of Euro • Conclusions

  3. Macroeconomic Stabilization and Transition • Better initial conditions than in other transition economies • Money-based stabilization program • Rehabilitation of the banking sector • Sound macroeconomic performance • Inflation and Exchange Rate

  4. Slovenia vs.Greece vs.Portugal

  5. Synchronization of Business Cycles

  6. Inflation Criterion Fulfilment

  7. Country Risk Premium

  8. Exchange Rate Development

  9. Unemployment

  10. Euroization of Bank Assets and Liabilities

  11. GDP Composition by Activity

  12. Maastricht criteria at the time of fulfilment

  13. Timetable for Euro

  14. Financial intermediation

  15. Catching-up process

  16. Slovenian financial sector (total assets)

  17. Increasing indebtedness

  18. Growth rates of loans

  19. Capital adequacy indicators for Slovenian banks

  20. Challenges ahead • Inflation • Keeping competitiveness • Financial sector development • Labor market reforms

  21. Sources: Financial Stability Report Price Stability Report www.bsi.si

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