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What is Monetary Sovereignty

Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth
The ability to independently control the sources of money supply, interest rates and exchange rates.
Published in Chapter:
Diversity of Monetary Regimes and Reactions to the Pandemic Crisis: Bulgaria, Romania, and Serbia Compared
Cornelia Sahling (Independent Researcher, Germany), Nikolay Nenovsky (University of Picardie Jules Verne, France), and Petar Pandushev Chobanov (University of National and World Economy, Bulgaria)
DOI: 10.4018/978-1-7998-4933-9.ch014
This chapter analyses to what extent the type of monetary regime in three Balkans countries (Bulgaria, Romania, and Serbia) determines the scope and nature of reactions to the pandemic crisis in the short run (providing liquidity to different sectors) and considers the possibilities for a long-term recovery. A comparative perspective is particularly suitable for the Balkan countries with great institutional diversity of the monetary regimes. In particular, the two members of the EU, Bulgaria and Romania, have been following different principles of monetary regimes for decades (Currency Board versus discretionary Monetary Policy). Both Bulgaria and Romania follow closely the ECB monetary policy. Serbia, which is outside the EU, is not affected by the constraints of European integration and actually has its independent monetary policy (although the Euro is also an important external anchor).
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