BOOK OF ABSTRACTS - University American College Skopje

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OUT OF THE CRISIS: EU ECONOMIC AND SOCIAL POLICIES RECONSIDERED8 th Annual international conference on European integrationAssoc. Prof. Emilija Stevanovska, PhD, Prof. Tome Nenovski, PhDBAS Institute of Management BitolaUniversity American College Skopje, Macedoniaemilijastevanovska@yahoo.com; nenovski@uacs.edu.mkMaastricht Criteria - Foundation or Obstacle to the Further EU Economic IntegrationThe paper focuses on the implications of the global crisis on the basic macroeconomic policies in aneffort for maintenance of the Maastricht criteria and the stability of the Euro zone. After 20 yearssince the introduction of the Maastricht criteria, the question arises whether they operate towardsto convergence and further development of economic integration of the EU or not. The fiveMaastricht criteria are rules that each Member State should fulfill to be able to join the EuropeanMonetary Union. The first three are related to the maintaining of stable and low inflation rate,exchange rate and long-term interest rate, and the latter two are related to the fiscal stability orcontrol of the budget deficit and the public debt. Maastricht criteria were designed according to theneo-liberal, monetarist wisdom in the 1990's when the EU had only 15 Member States and when theeconomic growth forecasts were favorable. During the analysis of the criteria, it is necessary to keepin mind that macroeconomic and financial environment was very different from today’s situation.Today, the European countries have been faced with the global economic crisis that started fiveyears ago, and which may be qualified as financial, unemployment and fiscal crisis. Almost allMember States fail to meet the projected criteria, some to a lesser extent, and some such as:Greece, Portugal, Ireland, Spain, Cyprus and Italy deviate to a large extent with no prospect in thenear future to deal with them. It became obvious that theory and economic policy require post-Keynesian measures to overcome the crisis and recovery of the fundamental macroeconomicdevelopments. All of these factors have an influence on impact of fulfilling of Maastricht criteria andalso on their consistency. The main message of the authors of this article is that establishing afoundation for new integrated strategy for economic growth is a condition for the survival of theEuro and for fulfilling of Maastricht criteria and their consistency as well.Keywords: global crisis, Euro zone, Maastricht criteria, monetary policy, fiscal stability, economicintegration.BiographyEmilija Stevanovska is an Associate Professor at the BAS Institute of Management in Bitola. Herteaching subjects are: Introduction to Microeconomics, Business Finances, Corporate Investmentsand Finances. She has participated in organizing and conducting several field researches and takenpart at various conferences, symposiums and seminars on domestic and international level. She is anauthor of numerous research papers and books in the field of labor market and macroeconomicpolicies, including: “Fiscal System and Fiscal Policy of the European Union”, “Monetary Economics”,and “The Labor Market in R. Macedonia and the Aspirations for EU Membership”.Professor Nenovski professional fields of work are Macroeconomics, Public finance, Banking andMonetary policy. He has taken part at numerous domestic and international conferences,symposiums, seminars and round tables. He has published 15 textbooks, among which are: “Moneyorder and banks”, “Creating prices of products and services of corporate banks”, “Credit policy”,“Structure of Public Finance in RM”, “Macroeconomics”, “Money and Banking” and “Grey economyin Republic of Macedonia”. He has published 340+ professional works and columns in variousdomestic and foreign newspapers and magazines. Nenovski was awarded by three national awardsfor publication and scientific work.
OUT OF THE CRISIS: EU ECONOMIC AND SOCIAL POLICIES RECONSIDERED8 th Annual international conference on European integrationAssoc. Prof. Zoran Sapurik, PhD, Assoc. Prof. Ninko Kostovski, PhD, Elena Klisarovska, MBAUniversity American College Skopje, Macedoniasapuric@uacs.edu.mk; kostovski@uacs.edu.mk; klisarovska@uacs.edu.mkThe Future Challenges Arising from the Treaty on Stability, Coordination and Governance in theEconomic and Monetary UnionDespite a lot of skepticism, The Treaty on Stability, Coordination and Governance in the Economicand Monetary Union, known as the “Fiscal compact”, or “EU Fiscal pact”, entered into force on 1January 2013, after ratification by twelve member states. The Treaty produces new rules in the euroarea and in the Union as a whole. It leads to strengthened fiscal discipline by establishing rules forbalanced budget rules and limits. On the other side, the Treaty is one of the biggest challenges forthe EU in its sixty-two year history because the budgets of the EU states now need to be limited andin balance, according to specific budgetary objectives and criteria. The Fiscal compact, as a legallybinding act, sets pillars for building new economic and political governance of the EU. It will haveinfluence, not only the 25 member states, but also on the countries that have not signed the Treatyyet, the United Kingdom and Czech Republic, and on the other candidate states. The main aim of thispaper is to clarify the consequences arising from the Fiscal compact and other recently adoptedmeasures for the future economic, legal and political development of the EU. In that context, thepaper focuses on the implementation of the Treaty and a set of new measures that make efforts forstronger cohesion of the euro zone and the Union as whole. It will examine the case of Macedonia,the neighboring countries and the EU member states influenced by this Treaty.Keywords: EU, budget, cohesion, common economic policy, member states, future challenges, EUinstitutions, reforms.BiographyZoran Sapurik, PhD is a Professor at University American College in Skopje. He has published severalbooks as well as more than 30 papers, both in Macedonia and abroad and has participated in manyinternational conferences and congresses. He has been responsible for many research projects. Heholds doctoral degree from Ss. Cyril and Methodius University in Skopje and Certificate from HarvardUniversity US. He is a former mayor, former MP and former minister in the Macedoniangovernment.Ninko Kostovski holds doctoral degree from Ss. Cyril and Methodius University in Skopje andCertificate in Finance and Management from the University of Wisconsin. His areas of interest aremanagement, entrepreneurship, access to finance. He is consultant for many development programsin Macedonia and Kosovo and serves as country representative at the International Advisory Boardof the European Business Competence Certificate from Paderborn, Germany.Elena Klisarovska, MBA, is currently a PhD candidate at the Faculty of Economics in Skopje. She is alecturer at University American College Skopje and she teaches English as a Second Language;Business Terminology; Report, Proposal and Business Plan Writing: Modern English Language 3 andBusiness Communication at the School of Foreign Languages. Her areas of research interest currentlyare the EU, entrepreneurship in Macedonia and the EU, and social entrepreneurship in Macedonia.
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