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Among the Central and Eastern European Countries of the European Union, who Gained and who Lost?

Author

Listed:
  • Jovanovic, Miroslav

    (Global Studies Institute, University of Geneva, Switzerland)

  • Damnjanovic, Jelena

    (Novi Sad School of Business, Novi Sad, Serbia)

  • Njegic, Jovan

    (Novi Sad School of Business, Novi Sad, Serbia)

Abstract

The continuous enlargement of the European Union (EU) has been one of its greatest achievements and judging by the increasing number of EU member countries, one of its most successful policies. This primer considers the economic side of enlargement for the ‘new’ EU members, and provides data on the principal economic indicators of the period 2000-2016. The eastern enlargement of the EU has proven to be a hybrid bag of effects for the newly arrived countries. Data show that economic growth, the expansion of trade and an increase in foreign direct investment to the east of the EU denote obvious successes and gains for its new members. The cost of the structural transformation and modernization of these new EU countries is an amazing acceleration in the level of domestic and foreign debt that financed these successes. The conclusion is that EU membership has not been a tide that lifted all boats, and that the great benefits of integration were oversold. There is still a quandary as to whether in the long run the new countries will have received the EU doughnut, or just its hole. Tra i paesi dell’Europa centrale e orientale che fanno parte dell’Unione Europea chi ha guadagnato e chi ha perso? Il continuo allargamento dell’Unione Europea è stato, stante il crescente numero dei paesi membri, una delle strategie di maggior successo. Questo studio prende in considerazione l’aspetto economico dell’allargamento dell’UE ai nuovi paesi membri e fornisce dati relativi ai principali indicatori economici nel periodo 2000-2016. L’allargamento ai paesi dell’Europa dell’est ha determinato effetti diversificati per i nuovi entrati. I dati evidenziano che la crescita economica, l’espansione del commercio e l’aumento degli investimenti diretti esteri all’est dell’UE hanno implicato successi e guadagni per i nuovi paesi membri. Il costo della trasformazione strutturale e della modernizzazione di questi nuovi paesi ha peraltro portato ad una notevole accelerazione della crescita del debito pubblico, sia interno che estero, necessaria a finanziare questi processi. La conclusione è che diventare membri dell’UE è una marea che non solleva tutte le barche e che i grandi benefici dell’integrazione sono stati sopravvalutati. Ci si chiede ancora se nel lungo periodo i nuovi paesi membri potranno dire di aver mangiato la ciambella dell’UE o di aver ricevuto soltanto il buco.

Suggested Citation

  • Jovanovic, Miroslav & Damnjanovic, Jelena & Njegic, Jovan, 2018. "Among the Central and Eastern European Countries of the European Union, who Gained and who Lost?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 71(3), pages 317-370.
    • Handle: RePEc:ris:ecoint:0831
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    References listed on IDEAS

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    1. Ruben V Atoyan & Lone Engbo Christiansen & Allan Dizioli & Christian H Ebeke & Nadeem Ilahi & Anna Ilyina & Gil Mehrez & Haonan Qu & Faezeh Raei & Alaina P Rhee & Daria V Zakharova, 2016. "Emigration and Its Economic Impact on Eastern Europe," IMF Staff Discussion Notes 16/7, International Monetary Fund.
    2. Patrick Minford & Sakshi Gupta & Vo P.M. Le & Vidya Mahambare & Yongdeng Xu, 2015. "Should Britain Leave the EU?," Books, Edward Elgar Publishing, number 16679.
    3. Jovanović , Miroslav N., 2000. "Eastern Enlargement of the European Union: Sour Grapes or Sweet Lemon?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 53(4), pages 507-536.
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    More about this item

    Keywords

    European Union; Eastern Enlargement; Central and Eastern Europe; Sanctions; Economic Transition; European Perspective; Eurozone;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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