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The Integration of Greece into the European Economy

In: Issues in Contemporary Economics

Author

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  • Loukas Tsoukalis

    (University of Athens)

Abstract

There have been three important turning-points in Greece’s external economic relations in the postwar period. The first was in 1953, with the 100 per cent devaluation of the drachma against the dollar and the first serious steps towards trade liberalisation. The second followed in 1961, when Greece became the first country to sign an Association Agreement with the six founder members of the European Community (EC). This agreement envisaged the establishment of a customs union for industrial products. Despite the limited reciprocity as regards tariff liberalisation, especially in the early stages of the agreement, and the delays resulting from the imposition of military rule in Greece from 1967 to 1974, the association with the EC led to the further opening up of the Greek economy, while also contributing to the reorientation of Greece’s external economic relations towards western Europe. The third turning-point came with the country’s accession to the EC in 1981, which can be seen as the next logical step in the gradual process of integration into the western European economy.

Suggested Citation

  • Loukas Tsoukalis, 1992. "The Integration of Greece into the European Economy," International Economic Association Series, in: Thanos S. Skouras (ed.), Issues in Contemporary Economics, chapter 12, pages 152-158, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11955-4_12
    DOI: 10.1007/978-1-349-11955-4_12
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