BOOK OF ABSTRACTS - University American College Skopje

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.