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Chapter 3: The new EU members

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  • Lars Calmfors
  • Giancarlo Corsetti
  • Michael P. Devereux
  • Seppo Honkapohja
  • Gilles Saint-Paul
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Xavier Vives

Abstract

This chapter examines how well the ten member states that entered the EU in 2004 have been doing. It is a follow-up of earlier extensive analyses in our 2004 report. The finding is that the growth performance of the EU-10 has been very good in general. The chapter warns about the dangers of keeping those countries that have entered the ERM II outside the monetary union and proposes a rebate with respect to the inflation criterion for joining the euro for fast-growing countries that are catching up with the old EU countries. The chapter also assesses the current economic situation of Bulgaria and Romania, who acceded to the EU on 1 January this year. Much of the European policy debate is about what economic model Europe should opt for. The issue is often cast as a choice between a market-liberal, Anglo-Saxon model, providing economic efficiency at the cost of low social protection, and a social European model, delivering equity but at a high cost in terms of efficiency.

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Bibliographic Info

Article provided by CESifo Group Munich in its journal EEAG Report on the European Economy.

Volume (Year): (2007)
Issue (Month): (02)
Pages: 73-81

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Handle: RePEc:ces:eeagre:v::y:2007:i::p:73-81

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  1. Michael Reutter & Hans-Werner Sinn, 2000. "The Minimum Inflation Rate for Euroland," CESifo Working Paper Series 377, CESifo Group Munich.
  2. Dubravko Mihaljek & Marc Klau, 2003. "The Balassa-Samuelson effect in central Europe: a disaggregated analysis," BIS Working Papers 143, Bank for International Settlements.
  3. Adalbert Winkler & Roland Beck, 2006. "Macroeconomic and financial stability challenges for acceding and candidate countries," Occasional Paper Series 48, European Central Bank.
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