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Challenges of EU and new member states in financial perspective 2007-2013: convergence and absorption of available cohesion resources

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  • Mojmir MRAK

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  • Vasja RANT

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    Abstract

    The recent agreement on financial perspective 2007-2013 provided new member states with substantial cohesion resources to speed up their real convergence process. The primary objective of the paper is to explore key policy issues, faced by new member states, if they want to successfully absorb available cohesion resources in the next financial perspective and outline their key policy choices and possible outcomes in terms of convergence and stability. The secondary objective is to provide an overview of the financial perspective deal achieved under the UK presidency in light of the main economic challenges of the EU. The main conclusions are: first, new member states need to focus on restructuring their national budget expenditure, if they want to implement cohesion policy in the next financial perspective without compromising fiscal stability and, second, the deal achieved under the UK presidency is a far cry from the original proposal by the European Commission and from proclaimed key economic challenges of the EU for the future (particularly competitiveness), however, it still provides significant convergence support for new member states for a 7-year period.

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    Bibliographic Info

    Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2006-09.

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    Date of creation: 01 Feb 2006
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    Handle: RePEc:mil:wpdepa:2006-09

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    Keywords: new member states; absorption capacity; cohesion policy; financial perspectives; economic challenges of the EU;

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    1. André Sapir & Philippe Aghion & Giuseppe Bertola & Martin Hellwig & Jean Pisani-Ferry & Bernard Lange & José Viñals & Helen Wallace & Marco Buti & Mario Nava & Peter Smith, 2004. "An agenda for a growing Europe: the Sapir report," ULB Institutional Repository 2013/8070, ULB -- Universite Libre de Bruxelles.
    2. Martin Raiser & Mark Schaffer & Johannes Schuchhardt, 2003. "Benchmarking structural change in transition," Working Papers 79, European Bank for Reconstruction and Development, Office of the Chief Economist.
    3. Acemoglu, Daron & Aghion, Philippe & Zilibotti, Fabrizio, 2002. "Distance to Frontier, Selection, and Economic Growth," CEPR Discussion Papers 3467, C.E.P.R. Discussion Papers.
    4. Martin Hallet, 2004. "Fiscal effects of accession in the new Member States," European Economy - Economic Papers 203, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    5. Furman, Jeffrey L. & Porter, Michael E. & Stern, Scott, 2002. "The determinants of national innovative capacity," Research Policy, Elsevier, vol. 31(6), pages 899-933, August.
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