Page 80 - Ekonomija i Biznis_noemvri 2016.indd
P. 80
INTERVIEW
(photo: http://www.balkanmagazin.net/) citizens. Here once again we return to
savings. Considering that the Euro cur-
It is the crisis in spots are unambiguous and they will rency is dominant in the region, the
particular which increase if factors such as innovations price will be paid by the savers through
confirmed that this and growth of productivity are sup- the cross-currency changes. Depend-
is absolutely the best pressed. On the other hand, you have a ing on the regime of course they ap-
regime of foreign reverse logic where the focus is on the ply, for the countries from the region
exchange rate which surrounding and the Eurozone which this would imply depletion of the for-
protects against all continues to print money. eign reserves with large interventions
possible impacts. which would have to follow because of
Why? Because it Where is this divergence going? Ma- these shocks and the monetary power
gives a clear signal rio Draghi, the Governor of the Eu- which would have the most courage
to all authors, about ropean Central Bank says that every- will turn first, if it didn’t do it already,
the developments thing required will be done, thereby we towards free fluctuating course of its
on the market, and must consider that in the last quarter, currency. It is the crisis in particular
it brings them to the rate of economic growth in the EU which confirmed that this is absolutely
balance, to spend dropped once again. One example is Ja- the best regime of foreign exchange
as much as they can pan which fiercely injects money, and rate which protects against all possible
afford, and what the desirable effects are not there as impacts. Why? Because it gives a clear
is most important, well. Another example is England after signal to all authors, about the devel-
it protects the the Brexit, which has good fundamen- opments on the market, and it brings
existing ones and tal factors compared to the surround- them to balance, to spend as much
it encourages new ing, however it is not known what as they can afford, and what is most
importers which are would be the repercussions of the exit important, it protects the existing
the only visible driver from the EU. Overall, the initial trig- ones and it encourages new importers
of the economic ger would start from the FED when the which are the only visible driver of the
growth market would really accept the infor- economic growth.
mation that they will really start to in-
crease the reference rate, and then as Many will pay a high price if mat-
a consequence there would be severe ters really reach such a point.
oscillations of the dollar exchange rate
against the Euro and the dollar against Dj. Gjuric: The ones who invested in
the yen. real estate and in land, would be ex-
posed to enormous risk. In small open
This would be the greatest problem economies, the price would be the
for the countries from our surround- highest. The middle class which is al-
ing which borrowed dollar amounts in ready disappearing and which had sav-
the long run, both for the countries, ings up to approximately 50,000 euros,
as well as for the companies and the would additionally lose its security.
The country nor the population would
have enough money for education of
highly educated staff which can meet
the European standards. This is the
price which will be paid because the
country did not care of the possible re-
percussions, it was not interested in a
discussion with the academic commu-
nity and in seeking alternative solution
before the coming wave.
The interview was performed by
Tanja Jakobi, Belgrade
80 November 2016
