Thinkers’ Impact Series 2013 – prof. Boris Vujčić, Ph.D. (Governor of the Croatian National Bank)

 Thinkers' Impact Series Speaker prof. Boris Vujčić, PhD

Innovation Institute was honored to welcome prof. Vujčić to speak as part of the Thinkers’ Impact Series program, on December 12th, 2013 at 14:30. Prof. Vujčić’s speech was on “Economic cycles and economic policies”.


In his speech, Governor Vujčić pointed out the following:

  • Structural reforms should be a priority and are a key factor for further development.
  • Due to ineffective monetary policy in earlier times, the role of today’s monetary policy is constrained.
  • CNB should keep the kuna exchange rate stable because this is the basis of successful monetary policy in highly euroised countries, such as Croatia.
  • The banking sector is largely financed in foreign currency from parent banks based abroad, instead of in kunas from the central bank; this significantly reduces the scope of CNB’s actions for reviving the economy.
  • Taking into account the limitations of monetary policy, it would be especially helpful if fiscal policy could take up an important role in beating the recession.
  • Since fiscal policy was not anticyclical during boom times (unlike monetary policy) and a budget surplus has not been maintained, fiscal consolidation is extremely difficult; however, there appears to be little alternative to fiscal consolidation.
  • Structural reforms (referring to any reforms that influence the business climate in the country) are at this point the most important measure for beating the recession.
  • With these reforms, Croatia can attract new investments and stimulate entrepreneurs to create new jobs (as well as making it easier to obtain financing from EU funds).
  • Countries that have implemented quality structural reforms have obtained a good long-term competitive position and a favorable climate for new value creation.





Governor of the Croatian National Bank


Date and place of birth:

June 2, 1964

Zagreb, Croatia


Professional experience:       

• Deputy Governor, Croatian National Bank, since 2000, second term since 2006

• Member of the Managing board of the Global Development Network, since 2006

• Deputy Chief Negotiator with European Union in Croatia’s accession talks, since 2005

• Visiting Professor at the Faculty of Mathematics, University of Zagreb, since 2004

• Professor, University of Zagreb, Faculty of Economics, since 2003

• Assistant Professor, University of Zagreb, Faculty of Economics, since 1989

• Director, Research Department, Croatian National Bank, 1997-2000

• Consultant to the European Commission, DG II – Economic and Financial Affairs, 1996

• External Collaborator for the International Labor Organization (ILO), 1994-1995, 2000

• Visiting scholar at the University of Kentucky, USA, 1994

• Visiting lecturer at the University of Freiberg, Germany, 1993

• Visiting fellow at the Institute of Development Studies – University of Sussex,  Brighton, 1992.



• Ph.D. Faculty of Economics, University of Zagreb, 1996

• Certificate, In-service training at the European Commission, DG II – Economic and Financial Affairs, Monetary Matters Department, Brussels, 1995 – 1996

• Predoctoral Fulbright scholar, Michigan State University, Dept. of Economics, 1994-1995

• M.A., Faculty of Economics, University of Zagreb, 1991

• Certificate, CIHEAM, University of Montpellier, France, 1989, (computer advanced research in economics, EC scholarship)

• B.A., Economics, University of Zagreb, 1988


Short courses:

• International Monetary Fund, Causes of banking and exchange rate crises, seminar for senior central bank management, Washington DC, 2000

• Certificate, Federal Reserve New York: Central Banking seminar, New York, 1999

• Certificate, Japan Center for International Finance: Finance and Securities Business, 1998, Tokyo, Japan

• Certificate, Banca d’Italia, Central banking, Rome, 1998

• International Monetary Fund: Exchange rate policies, seminar for senior central bank management, Washington DC, 1998


Fields of specialization:

• Macroeconomics

• International Finance

• Labor Economics


Foreign languages:

• English

• French