THE NEW LAW ON MACEDONIAN CENTRAL BANK

LEGAL FICTION FOR A LEGAL ALIGNMENT?

Abstract

The recent financial crisis and the turbulences caused by the
sovereign debts in several European countries in the eurozone has
undoubtedly shown that the EMU is the most important project in the
history of the European integration process taking place in Europe for
more than sixty years. Even if it faces the most difficult times since its
creation the eurozone is still attractive and desirable for new members
which in order to be able to join this monetary union are making
profound reforms and preparations in the entire economic and legal
systems. From a point of view of a candidate country for accession to
the EU the process of preparation starts in the pre-accession period in
which the principle task is the harmonization of the national
legislation with Union’s acquis related to the monetary union. Thus,
the national legislation has to assure that the NCB is independent
while it is able to assume the obligations deriving from the
membership in the monetary union. This text examines the new law
on the NBRM from the point of view of the ability of the Macedonian
central bank to participate in the framework of the ESCB and to
assume the obligations of being part of the eurozone.