INSTITUTIONAL FRAMEWORK FOR SUSTAINABLE DEVELOPMENT IN SERBIA

The rapid processes of globalization and economic integration have contributed to raising awareness of the need for a strategic commitment of all countries to achieve sustainable development. This new model of development of the global economy is based on the integration of economic, environmental and social considerations into decision making process at all levels of management. However, among these so-called three "pillars" of sustainable development, subsequently was introduced a fourth dimension - institutional component. To ensure the right of present and future generations on the environment, institutional support is needed. It is therefore necessary to build new institutional capacities and adapt existing ones. Thus, all four components should be considered in their mutual interaction and dependency. The paper will specifically indicate the adaptation of the institutional framework of Serbia with international standards, primarily the European Union standards in the field of sustainable development. It also will point out the importance of integrating the concept of sustainable development, as a global concept, in the policy process at all levels. Such integration can be achieved when all levels of management collaborate with each other, taking into account the different institutional frameworks, cultures and specific circumstances in the EU member states and candidate countries, such as Serbia. When implementing this concept, should be use a full range of measures aimed at reconciliation goal of environmental protection with the goal of economic growth in a rational way to maximize winning possibilities.