In 1999, Hanke and Montenegrin economist Željko Bogetić, who was an economist at the IMF at the time, wrote "Crnogorska marka", a book published in Montenegro, proposing an orthodox currency board for Montenegro, which was part of the Federal Republic of Yugoslavia. Montenegro would issue a Montenegrin "marka" to replace the Yugoslav dinar. Later that year in July 1999, Hanke was appointed State Counselor – a cabinet-level position – and began advising Montenegrin President Milo Đukanović on issues including currency reform. After assessing the political and economic realities on the ground, Hanke advised Đukanović that Montenegro should abandon the faltering Yugoslav dinar and adopt a foreign currency, the German mark, as its own. This process is known as dollarization.