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Contemporary metal money is analyzed as a money form, explaining the reasons for making it, as well as the effects arising from its emission. Some new ones are emphasized, such as the numismatic effects. This conclusion is based on the traditional functions of this money form. The roots of some modern money solutions are found to lie in the past. The author considers several new possibilities for developing this part of Croatia's monetary policy, and the aim is for the country to find its place within global trends by achieving diverse effects of issuing metal money, i.e. coins.

The author researches a singular monetary situation connected with the common issue of commemorative coin age by two states: Ireland, an EU member state that belongs to the Euro-system, and Croatia, an EU membership candidate. Although they belong to two different monetary systems, the two countries created a precedent by issuing a common commemorative coin on the grounds of ahistoric artistic design. This under­taking is affirmation of Croatian coinage, artistic and numismatic activities.

In the Republic of Croatia monetary sovereignty was established in several stages that reflected changes in and the growth of independent Croatian territory. The rebellion of part of the Croatian citizens of Serb nationality, the aggression of the then Yugoslavia and the occupation of some territories of the Republic of Croatia on which a para-state was proclaimed, the so-called Republic of Srpska Krajna, strongly impacted these activities. Thus Croatian monetary sovereignty was established in accordance with these circumstances. First temporary money was introduced on the territory under Croatian authority – the Croatian dinar (December 1991). When economic and monetary conditions were ripe the Croatian dinar was replaced by the permanent national monetary unit – the kuna, and its hundredth part – the lipa (May 1994). The kuna became the legal currency on the territory of the Republic of Croatia under Croatian authority, and after western Slavonia (May 1995) and northern Dalmatia, Lika, Kordun and Banija (August 1995) were liberated, also on these formerly occupied territories. The fourth stage in the establishment of Croatian monetary sovereignty was carried out in September 1997 in Eastern Slavonia, Baranja and Western Sirmium (Croatian Danubian region) as part of their peaceful reintegration into the Republic of Croatia with the help of the United Nations – the United Nations Transitional Authority in Eastern Slavonia, Baranja and Western Sirmuim (UNTAES), when the kuna was introduced as the legal currency in this region before the establishment of complete Croatian rule and the return home of the banished population of this territory.

Die Geschichte Europas ist geprägt durch die Konflikte und Uneinigkeiten seiner Völker. Auch der Fortschritt und die moderne Welt vermochten diese Spuren nicht zu verwischen. So bekommt die Europäische Union, die ja zu Anfang ein wirtschaftliches Projekt (EWG) war, heute auch ganz neue, andere Dimensionen ; eine monetare, eine politische und eine kulturelle. Zudem sind auch nicht alle Mitglieder der Union an jeder einzelnen gleich interessiert. So wollen z.B. die älteren Mitglieder der EU die wirtschaftliche Entwicklung, ihren gesellschaftlichen und individuellen Standard, die national-kulturelle Identität beibehalten ; die neuen Mitglieder envarten sich von dem Beitritt in die Union einen wirtschaftlichen Fortschritt, die Verbesserung des gesellschaftlichen und individuellen Standards, Sozialsicherheit und Stabilität. Dieser Unterschied ist eine Gefahr für das Erzielen einer funktionellen Einheit der EU für welche auf jeden Fall auch eine gemeinsame europaische Identitdt außerordentlich wichtig ist. Der heute anhaltende Trend der Transnationalisierung und Kosmopolitisierung verdruckt dann diese europäische traditionelle Nationalorientierung. Auch die Erschaffung eines einheitlichen europäischen Standards durch die Verbraucherkultur verlangt die Sprengung der Rahmen der Nationaltraditionen, was aber auch der Erschaffung eines einheitlichen Europas nicht gleichbedeutend ist, gerade wegen dieser Ungleichheit unter den Nationen. Kann diese monetäre Einheit der erste bedeutende Schritt in Richtung der Uberbruckung von historischen Unterschieden, der wirtschaftlichen Ungleichheit und der nationalkulturellen Verschlossenheit sein? Können die gemeinsamen Ziele der Monetarpolitik, ihre elastische Strukturierung und Erweiterung in den neuen Ländern dazu fuhren? - dies und anderes sind Fragen, mit denen sich dieAutoren dieser Arbeit befassen werden. Wir werden uns auch mit der Relation unserer nationalen Währung - der Kuna im Bezug auf den Euro befassen.

The author starts from the assumption that Croatia will access the European Union. Following assumption, he analyzes the possible scenarios of Croatian strategy based on the achievements the country’ s monetary policy, on the degree of acceptance of the convergence criteria and on exceptionally rich and miscellaneous Croatian monetary heritage. The author also emphasizes inaugurates solutions which are most effective for Croatia, winning recognition for the Croatian contribution to this global process.

The paper discusses the phenomenon of modern convertibility in paper currency system. Unlike the period of metal (mint) value and traditional convertibility, convertibility today has different aspects and dimensions. Furthermore, it is regulated by the International Monetary Fund, but it depends also on the recognition in bilateral and multilateral relations between states. A proclamation of convertibility and tying this to the name of a national currency (Bosnia and Herzegovina) is another recent precedent.

Summary: On the example of the issue of contemporary coined and paper money, the author observes and proves the possibility to manage this monetary form and to achieve a number of effects such as the issuing profit, numismatic and notaphily benefits as well as promotional effects. By incorporating new approaches in the issuing of contemporary money in cash form proves that these approaches are apart of the financial science, especially the science about the money, and that the contemporary numismatics and notaphily are also its integral part. In this way, the issuing of the contemporary metal and paper money is treated as apart of the national economy.

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their real sectors and problems in their financial sectors. This primarily refers to the instability of the exchange rate of their national currencies, frequent and high devaluations, mistrust of the users in domestic currency, inflation, and the like. Under such circumstances, some countries decide to give up their monetary sovereignty. Prior to such a decision, it is certainly essential to find answers to the following four key questions: a) what does the country win and what does it lose, b) what are the expenses of such activity and for whom is such change acceptable, and c) which form of abandoning monetary sovereignty should be chosen? Problems can also be significant regarding the possibility that the phases of economic development do not match. Hence, the measures of monetary policy adjusted to the economic cycles of the country whose currency has been chosen as reserve currency need not correspond with the phase of development of the economy in the country using that currency. In the case of Euro as the legal means of payment, the production of Euro coins will begin two years before they are officially put into circulation. In that period (of two years), each year the appropriate quantity of coins will be produced, with a value structure allowing normal functioning of the monetary market in the moment when Euros are put into circulation, which is very important in currency conversion. With respect to the long Croatian monetary history, but also to the recent issuing activity in the segment of circulation coinage, commemorative circulation coinage and numismatic coinage, all these activities should continue in the future as well. Commemorative coins are, as a rule, identical to regular circulation coins in all details, including the material of which they are made, with differences only in some details (indicating the occasion on which the coins are issued)or in their value in comparison to circulation coinage. At the moment, such coins are accepted as exclusive legal means of payment but only in the country that has issued them. Correspondingly, the amount of this money is determined by the ECB in keeping with its issuing policy. This money is a part of the monetary mass of the issuing country. Issuing policy of the EU member countries that have accepted the common currency and those countries that are not EU members but have their legal currency denominated in Euros regardless of the sort of coinage indicate: - the possibility to diversify the offer of all sorts of coinage following the said criteria, or introducing new criteria for their differentiation or their combinations, - currency denominated in Euros and Eurocents in each issuing country becomes, in a large part, the object of interest and collecting in other countries with the currency of the same name (and with one common/same side of the coins – reverse) because these are the coins with at least one common characteristic. - The selection of motifs at the national side of the coins (head) can itself be the reason for choosing this currency as the object of collecting, or it can become an additional reason for collecting in combination with the above section. - Collecting of these coins will in the future certainly be a part of a much wider process, so that later it will be very difficult if not impossible to secure certain coins at the quality level of coinage that have not been in circulation.-Despite the short issuing activity relating to the currency denominated in Euros and Eurocents, the trends in this field so far strongly suggest some regularity, such as: - There is strong interest for circulation coins of Euros and Eurocents as objects of collecting even among people whose motivation is not primarily numismatic. Even the most optimistic expectations regarding the new common currency have been absolutely surpassed (not only in the countries that have introduced Euro as their currency, but much wider). - As soon as Euros and Eurocents have appeared in circulation, a part of these coins were hoarded and became objects of trade at the numismatic market reaching very high prices. The object of collection has namely become much wider because in addition to national reasons for collecting, there are now other motives as well, since the Euro and Eurocent coins have one side (reverse) in common. - Speculative reasons for treasuring up these coins result from the above mentioned grounds but also from the fact that the beginning of circulation of these coins provides the opportunity to right at the start secure a certain quantity of the coins satisfying strict numismatic standards regarding the state of these coins (preferred quality is that of non-circulated coins). - Issuing commemorative circulation coins and numismatic coins additionally point at great interest for these monetary forms significantly broadening the field of numismatic interest. Croatia should therefore quickly design its own issuing policy in the segments of circulation and commemorative circulation coins, and especially in the segment of commemorative circulation coins and commemorative coins.

Taking as an example recent Hungarian currency, it is concluded that the functions of coins and paper money are related to their daily use (trade and payment), but they can have some other dimensions and functions if proper solutions are found. In this way it is argued that these money forms have their future and raison d'être, thus they need to be further created and managed. Hungarian contemporary practice of money emission is given as a good example of various significant effects, primarily in the segment of non-fiscal revenues, based on innovation, artistic solutions and superb craftsmanship.

Commemorative coins made for circulation, in addition to their numismatic function, may affect monetary stability, if some prerequisites are fulfilled and certain measures of monetary policy implemented. Those who issue such commemorative coins may combine these functions to bring about some other effects in their broader interest. The author attempted to prove the above on the example of contemporary Croatian commemorative coins, whose introduction is being proposed.

The paper delineates the properties and specificities of modern Croatian money-market transactions and their transition as well as the Solutions applied in this segment by the Republic of Croatia from the moment of declaration ofits in dependence up to nowadays. Such a contemporary monetary system has enabled the organization of a compatible and comparable public finances system, established via transition of tax and customs system of the Republic of Croatia. The focus of monetary authorities is being placed on the stability of national legal tender—the Kuna—, production quality, and on numismatic possibilities of its emission.

The article shows the history of paper money from the monetary aspect.The author gives a presentation of modern paper money in the Republic of Macedonia, which clearly shows that the use of this money has not become outdated in everyday life despite the existence of more modern means of payment.

Practically, there is no human activity without being connected with some form of risk. A complexity of the activity is in a close connection with the risk level and, as a rule, the greater complexity leads to a greater risk. The importance of risk is stressed to a large extent in some sectors, such as financial institutions, especially banks. Risk is not a unique category. The most represented type of risk in credit is a credit risk. It is possible to divide factors of risk emergence and defining, their reduction and control, into following: organizational, cognitive, and technical. A time gap between decision-making and investment influences the size of a credit risk. The length of credit structure influences the risk. The cognition of debtor's debt servicing potential, methods of coverage credit risk and indicators of credit risk growth are prime movers in risk management. The optimization of risk has its positive effect on the total economic efficiency, prevents negative allocation of resources into marginal and unprofitable programs. At the same time, the credit risk size depends on total macroeconomic moves and institutional conditions. Internationalization of financial and credit courses, as a general tendency, especially influences countries in transition.

On the example of recent coin emissions the author explores the possibilities of managing this form of money and discusses economic effects of such activities.