Slovenia managed its exchange rate throughout in various ways, with rapid evolution of financial markets and monetary instruments allowing exchange rate management to be supported by monetary and then informal inflation targets, on the way to EMU in 2007.
|Years||Targets and attainment||Classification|
|1992-93||no targets, but successful stabilisation of inflation and tolar/DM exchange rate, despite incomplete financial markets and instruments and ongoing structural change||unstructured discretion UD|
|1994-97||currency held within unannounced band (which was depreciated late 1995, also late 1997) against DM; financial markets and monetary instruments evolving; tension between disinflation and competitiveness as objectives, and over desirable speed of adoption of euro||loosely structured discretion LSD|
|1998-2001||broad money targets met 1998-2000 (but missed 1997 and 2001), exchange rate floating but heavily managed; financial markets still underdeveloped, indexation prevalent||monetary with exchange rate targeting MwERT|
|2002-03||monetary targets replaced by informal inflation targets which are often adjusted and then more or less met; some financial liberalisation (including deindexation); exchange rate heavily managed but no announced target||inflation with exchange rate targeting IwERT|
|2004-06||in ERM2 from June 2004, currency stabilised at announced parity (with undisclosed narrow band), inflation targets met||exchange rate with inflation targeting ERwIT|
|2007-17||membership of European Monetary Union||currency union CU|
Selected IMF references: SR 1994 pp20-21; RED 1995 pp29-36; SR 1996 pp18-23; SR 1997 pp27-33; RED 1997 pp32-5; SR 2002 pp14-16, Appendices IV and V; SR 2005 pp12-13.
Additional sources: Beblavy (2007b); Banerjee et al (2011).
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