Quantifying the economic parameters as indicators of optimal moment of Serbia's accession to the European union

Open Access

Abstract

The process of joining the European Union is largely driven by the procedures developed clearly and in graet detail, and at first glance it may appear that the entire process does not have much room for creative functioning of national monetary authorities. However, given the duration of this process, the sequence of steps and preparatory actions have become an important aspect of the overall process, which is the responsibility of the candidate countries. The decision about the future steps should be made on the basis of an objective scientific analysis, based on the quantitative economic indicators. Therefore, it is very important for any prospective member states to determine the optimal moment of accession to the European Union, and later to the European Monetary Union, in terms of minimizing the adjustment costs, and maximizing the benefits of the future membership. The aim is to determine the optimal moment of Serbia's accession to the European Union, from the economic aspect, i.e. reaching the numerical values of the key macroeconomic data that were singled out as the most important indicators in this process.