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Europe > Croatia, Republic of

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Cover IMF Staff Country Reports
Republic of Croatia: Representative Rate for the Euro
International Monetary Fund. Finance Dept.
The Council of the European Union decided on July 12, 2022 that the Republic of Croatia had fulfilled the necessary conditions for adoption of the euro with effect from January 1, 2023,1 and that the conversion rate should be set at 7.53450 Croatian kuna per one euro.2 The Croatian authorities notified the Fund on October 5, 2022, that the euro will be their country’s currency, effective from January 1, 2023.
Keywords:
representative exchange rate; capital markets department; copyright page; representative rate; exchange arrangement; Exchange rates; Capital markets
Cover Policy Papers
Strengthening Infrastructure Governance for Climate-Responsive Public Investment
International Monetary Fund. Fiscal Affairs Dept.
Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.
Keywords:
fiscal policy; climate change; infrastructure governance; public investment management; C-PIMA framework; transparency policy; climate PIMA; climate change mitigation; State asset insurance policy; Climate change; Public investment spending; Infrastructure; Natural disasters; Global; Climate finance
Cover Departmental Papers
Asset Purchase Programs in European Emerging Markets
Mr. Marco Arena, Mr. Rudolfs Bems, Mr. Nadeem Ilahi, Mr. Jaewoo Lee, William Lindquist, and Mr. Tonny Lybek
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.
Keywords:
Monetary policy; Emerging markets; COVID-19 pandemic; Europe; asset purchase programs; emerging market concern; IMF library; market dysfunction; emerging market central banks; Yield curve; Government securities; Sovereign bonds; Emerging and frontier financial markets; Central bank policy rate; Global
Cover IMF Staff Country Reports