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Consequences of EU Accession: Economic Effects on CEECs

Author

Listed:
  • Michael Landesmann

    (The Vienna Institute for International Economic Studies, wiiw)

  • Sandor Richter

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

This paper discusses the economic effects of EU enlargement for the group of Central and East European accession countries (ACs). It consists of three parts In Part A the financial aspects of accession to the EU are explained. It deals firstly with the outcome of the negotiations at the December 2002 European Council Summit in Copenhagen in relation to the expected flows of net transfers over the period 2004-2006. The most uncertain component of these transfers are related to the project-related funds, their disbursement and fiscal implications because of co-financing requirements. Secondly, we discuss the issue of the longer-run negotiations with respect to the Financial Framework to be decided for the period 2007-2013, here the issue of the formation of likely new coalitions within the enlarged European Union is dealt with and possible winners and losers in such negotiations are identified. In Part B we discuss the difficulties the new members will face upon accession in the conduct of macroeconomic policy. In particular, the crucial issue of fast vs. delayed entry to the European Monetary Union (EMU) will shape the constraints within which the conduct of fiscal and monetary policy will have to take place. It is quite likely that it is this issue which will dominate the medium-run growth prospects of the new members upon accession. Part C explores the longer-run growth and convergence scenarios for the new member states. It describes the relative growth performance of the ACs in relation to the EU so far and discusses the reasons why the growth performances might remain more volatile compared to those of the current EU member countries.

Suggested Citation

  • Michael Landesmann & Sandor Richter, 2003. "Consequences of EU Accession: Economic Effects on CEECs," wiiw Research Reports 299, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:rpaper:rr:299
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    Cited by:

    1. Pierre Laurent & Nicolas Meunier, 2003. "Risque pays : l’Europe de l’Est est-elle spécifique ?," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 31-44.
    2. Peter Havlik, 2003. "EU Enlargement: Growth, Competitiveness and Some Challenges Facing the Future Member States," wiiw Country Profile 20, The Vienna Institute for International Economic Studies, wiiw.
    3. Tatiana Tikhonova & Olga Shik, 2008. "Alternative Employment in Rural Area in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 114P, pages 224-224.
    4. Josef Abrhám & Milan Vošta, 2011. "Economic Growth and Convergence of the Enlarged European Union [Ekonomický růst a konvergence rozšířené Evropské unie]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2011(5), pages 3-16.
    5. Ansgar Belke & Martin Hebler, 2002. "Towards a European Social Union: Impacts on Labor Markets in the Acceding Countries," Constitutional Political Economy, Springer, vol. 13(4), pages 313-335, December.
    6. Andrej Horvat, 2005. "Financial Absorption Rates in EU Objective 1 1994-99 and Some Lessons for the New Member States in 2004-2006," WIFO Working Papers 259, WIFO.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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