skip to Main Content



“Helping people by whispering to central banks”


Former Governor of the Croatian National Bank


Oct 2017 – present / USAID FINRA project

Central Banking Lead
Bosnia and Hercegovina

Working with the Central bank of Bosnia and Herzegovina on several reforms like: upgrading their research department, organizing international conferences, improving their financial stability framework and advising governor on better and more efficient organization and management of the institution.

Sept 2015 – Sept 2017 / National Bank of Ukraine

Resident Project Manager and Advisor
for Canada-IMF Capacity Building Project

As resident project manager I was assessing the needs of National
bank of Ukraine and assisting multiple IMF technical assistance missions to the National bank of Ukraine as well as directly advising the bank in the areas of monetary policy, research at the central bank and internal management and organization.

June 2015 – Sept 2015 / Regional Central Banks

Central Banking Consultant

Individual consultant in central banking giving short term advice to regional central banks.

May 2014 – June 2015 / IMF/AFRITAC West 2

Regional Advisor
for Monetary Operations and Payment System

I was first working on an outreach program for the newly established Regional technical assistance center (RTAC) to West African countries. I was on missions and giving advice on monetary policy improvements and foreign exchange policies to The Gambia, Ghana and Nigeria.

Feb 2012 – May 2014 / Zagreb School of Economics and Management

Part-time Lecturer on Money and Banking

I was lecturing in English undergraduate students on Money
and Banking including modern developments in monetary theories and monetary policy and exchange rate policies for emerging economies, with specifics on Croatia.

Sept 2007 – May 2014 / Privredna banka Zagreb

Chief Economist and Strategist
at an Intesa Sanpaolo bank

As chief economist at the 2nd largest commercial banks my
first duty was to regularly produce macroeconomic forecasts for Croatian economy as a necessary input into business planning at the bank. I was editing the weekly publication on macroeconomic trends. I was working closely with the Chairman of the Board and the Board on macroeconomic developments and emerging risks which could affect business results.

Sept 2007 – present / IMF’s IEO

Short-term Evaluation/Project Consultant

Evaluations: “The Role of the IMF as a Trusted Advisor”, “Research at the IMF: Relevance and Utilization”, “IMF Performance in the Run-Up to the Financial and Economic Crisis: IMF Surveillance in2004-2007”.

Sept 2005 – Sept 2007 / IMF and the WB

Central Banking Consultant

Worked in a number of countries on numerous projects mainly relating to central banking issues (Albania, Bosnia and Herzegovina, Kosovo, Madagascar, Montenegro, Romania, Ukraine, etc.).

July 2004 – Sept 2005 / Independent Evaluation Office, IMF, Washington DC


Worked on the evaluation of the Financial Sector Assessment Project (FSAP). During this time participated in a short-term monetary policy and liquidity mission to Ukraine for the WB.

Jan 2001 – July 2004 / IMF

Long-term Expert

Advisor to the Governor of the Central Bank of Bosnia and Herzegovina, Advisor to the Governor of the Bank of Albania and Advisor at the Banking and Payments Authority of Kosovo (now CBK). Advised in the areas of research function at central banks, monetary policy, monetary policy instruments and the systemic stability of the financial system. During the assignment participated in short-term missions to Georgia and Russia for the IMF and the WB.

July 2000 – Dec 2000 / Croatian National Bank

Chief Advisor to the Governor

I was working at the Central bank to assure smooth transition from one governor (me) to the new one who came from outside of the Bank. During this time I was sharing my experiences with younger staff at the central bank through seminars and individual consultations.

Mar 1996 – July 2000 / Croatian National Bank

Governor of the Croatian National Bank

During my mandate the average annual inflation rate in Croatia was about 4% and international reserves increased by more than a half.. Monetary policy was modernized and the banking sector significantly restructured (25 banks and savings banks had to be dissolved), while avoiding a major run on banks. I worked on institution building and improving governance in the Croatian National Bank as well as on new regulations and legislation. I was part of Croatia’s negotiating team with the IMF (two programs). During the same time I was Croatia’s Governor at the IMF and I regularly participated in BIS Governors’ Meetings. I was also Member of the Board of the State Agency for Deposit Insurance and Bank Resolution.

July 1997 – Dec 2000 / Faculty of Economics, University of Zagreb

Associate Professor
at the Department for Macroeconomics and Economic Policy

Teaching macroeconomics at the undergraduate level and central banking and the Croatian financial system development at the postgraduate level.

Dec 1995 – Mar 1996 / Republic of Croatia

Economic Advisor to the President of the Republic of Croatia

Advised on international economic developments, macroeconomic policy, monetary policy and banking system stability.

Nov 1992 – Dec 1995 / Central Bank

Director of the Research and Analysis Department

Responsible for a staff of about 50 and reporting directly to the Governor.

Dec 1981 – Nov 1992 / University of Zagreb, Croatia

Lecturer and Researcher

Fulbright Fellow in the 1987/1988 academic year at the Department of Economics, University of Pittsburgh.


March 1990
PhD in Economics
University of Zagreb

Sept. 1987 – July 1988
Doctoral Student, Department of Economics
University of Pittsburgh, Pittsburgh, PA, USA (Fulbright Fellow)

July 1987 – August 1987
Certificate from the Economics Institute
Boulder, CO, USA (Fulbright Fellow)

March 1984
Master of Arts in Economics
University of Zagreb

July 1984 – August 1984
Certificate from the Salzburg Seminar in American Studies, Salzburg, Austria

April 1980
BA in Economics
University of Zagreb


English (fluent)

French (fluent)

German (passive)

Croatian (native)


Born: May 8, 1957, in Zagreb, Croatia
Two children


  • Editor-in-Chief of “PBZ Weekly Analysis” (September 2007 – April 2014).
  • Cooperates regularly with the SEESOX (South East European Studies at Oxford), the EBRD and central banks in the region (South East Europe).
  • Participated in numerous international conferences with papers/presentations or as a discussant (3-5 on average every year).
  • Initiated and organized six international conferences in Dubrovnik, Croatia (Dubrovnik Economic Conference), together with Mario I. Blejer.
  • Member of the Unicredit Group International Advisory Board (September 2004 – April 2007).
  • Member of the ECB Shadow Council, founded on an initiative of Handelsblatt (November 2003– February 2006).



Jacques de Larosière Lecture:
“The Transition process: It’s All About People, Isn’t It?”,
the EBRD Ninth Annual Meeting in Riga, Latvia


Central European Annual Awards for Excellence
Best Central Bank Governor


Euromoney Publications
Best Eastern European Banker


Selected publications in English only

  • “Monetary and Exchange Rate Policy Frameworks and Strategies”, comments for the IMF Workshop and Governors’ Forum, Caucasus and Central Asia (CCA), November 5-7, 2014, Zurich, Switzerland (mimeo).
  • “Fiscal Dominance and Independence of Central Banks”, a speech prepared for the AACB Symposium, August, 2014 (mimeo).
  • “Rethinking Central Banking in the 21st Century: Some Advice from an Ex-Central Banker”, Cayman Financial Review, January, 2012, at:
  • “Futuristic View of Banks in Albania“, a keynote speech at the Albanian Association of Banks, Tirana, December 19, 2012(mimeo).
  • “An Examination of the Quality of a Sample of 60 Selected Issues Papers”, (with Marcelo Selowsky), IEO Background Paper No. BP/11/04, IMF, 2011.
  • “Do All Central Banks Need a Well-developed Brain?”, in Central Bank Modernization, ( Neil Courtis and Peter Nicholl, editors), Central Banking Publications, 2005, pp. 125 – 137.
  • “Financial Vulnerability and Exchange Rate in Emerging Markets: An Overview” (with Mario I. Blejer), in Financial Policies in Emerging Markets, (editor, with Mario I. Blejer), MIT University Press, 2002.
  • “Central Banking in Transition: An Overview of Main Issues Ten Years After” (with Warren Coats), in Revue d’Economie, Special Issue, 2001, pp. 265 – 287.
  • “Ten Years of Transition: Central Banking in the CEE and the Baltics” (with Warren Coats), Croatian National Bank Surveys, S-7, April 2002.
  • “A Decade of Transition in a Variety of Settings: A Comparison of Country Experiences”, (with Mario I. Blejer), in Transition: The First Decade, (editor, with Mario I. Blejer), MIT University Press, 2002, pp. 3 – 13.
  • “Financial Sector Restructuring: The Croatian Experience”, (with Velimir Sonje), in Financial Transition in Europe and Central Asia: Challenges of a New Decade, (Bokros Lajos, Alexander Fleming and Cari Votava, editors), The World Bank, Washington DC, 2001, pp. 59 – 72.
  • “The Transition Process – It’s All About People, Isn’t It?”, Jacques the Larosière Lecture, held at the EBRD Ninth Annual Meeting, in Riga, Latvia, on 21 May 2000, at:
  • “Transition and the Open Economy: An Overview” (with Mario I. Blejer), in Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies, (editor, with Mario I. Blejer), Kluwer Academic Publishers, 1999, pp. 1 – 16 .
  • “Financial Reforms and Economic Transition: An Overview of the Major Issues”, (with Mario I. Blejer), in Financial Sector Transformation, (editor, with Mario I. Blejer), Cambridge University Press, 1999, pp. 1 –
  • “Central Banking, Monetary Policies, and the Implications for Transition Economies”, (editor, with Mario I. Blejer), Kluwer Academic Publishers, 1999.
  • “Croatia: An Insider’s View of Transition”, SAIS Review, Volume XVIII, Number 2, Summer-Fall, 1998.
  • “Exchange Rate and Prices in a Stabilization Program: The Case of Croatia”, (with Velimir Sonje),in Macroeconomic Stabilization in Transition Economies, (editor, with Mario I. Blejer), Cambridge University Press, 1997, pp. 212 – 233.
  • “Monetary Independence as a Precondition for Macroeconomic Stability”, Development and International Cooperation, Vol. XI, No. 20-21, June-December, 1995, pp. 159 –181.
  • “The Yugoslav Economy from Amalgamation to Disintegration: Failed Efforts at Moulding a New Economic Space 1919-1993”, (with Ivo Bicanic) in Economic Transformation in Central and Eastern Europe: Lessons and Legacies from the Past, (D. Good, editor) , Routledge, London, 1994.
  • “Banking in Croatia”, The Vienna Institute Monthly Report , No.2, 1994, pp. 19 – 30,The Vienna Institute for Comparative Economic Studies,
  • “Business Representation and Macroeconomic Developments in Transforming Economies”, Asian Journal of Economics and Social Studies, Vol. XII, 1993, No. 4, pp. 269 – 287.
  • “A Paradox of Transition to a Market Economy: How Will the Role of the State Change”, (with Ivo Bicanic),in Privatization in Europe:. West and East European Experiences, (F.Targetti, editor), Dartmouth, Aldershot, 1992.
  • “Service Policy and Development”, in Development Policy,(S. Sharma, editor), MacMillan, London, 1992, pp. 157 – 168.
  • “The Service Sector in East European Economies: What Role Can It Play in Future Development?”, (with Ivo Bicanic), Communist Economies and Economic Transformation, Vol. 3, 1991, No.2, pp. 221 – 233.
Back To Top