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Macro-Economic Consequences of the Integration of the SEE Area into the Eurozone

In: Handbook of Doing Business in South East Europe

Author

Listed:
  • Reinhard Neck

Abstract

As a result of the two Eastern enlargements, the European Union (EU) now consists of 27 countries, 17 of which will be members of the euro Area (EA) as of 1 January 2011. Except for Bulgaria, Romania and Slovenia, the South East European (SEE) countries still lack full integration into the EU, although some of them have already obtained, or will soon obtain, candidate status. Because of the EU’s internal problems, but also because of the slow progress these countries have made so far towards functional economic and political structures, it cannot be assumed that they will be admitted to the EU, or even to the EA, fairly soon. Fears have been expressed that the accession of SEE countries might increase economic divergence within the EU and might result in more asymmetric shocks acting on European economies. In particular, some observers regard the membership of these former communist countries as a threat to the macro-economic stability of the EU, as some of their political systems appear to have but a weak tradition of macro-economic policies for stability and high growth.

Suggested Citation

  • Reinhard Neck, 2012. "Macro-Economic Consequences of the Integration of the SEE Area into the Eurozone," Palgrave Macmillan Books, in: Dietmar Sternad & Thomas Döring (ed.), Handbook of Doing Business in South East Europe, chapter 8, pages 189-206, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31414-6_8
    DOI: 10.1057/9780230314146_8
    as

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