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The Balkans: Between Economic Crisis And European Integration


  • Radulescu, Andrei

    (SSIF Broker.)


The Balkans region (also known as the „Powder keg of Europe”) has always been an European question, a Western question, as underlined by Arnold Toynbee, in 1922. At present, European Union is confronted with the fifth enlargement, also known as the “post-conflict” enlargement – the integration of Balkan states. Bulgaria joined European Union in 2007. Croatia signed the Accession Treaty in 2011 and is expected to become an EU member in 2013. The other countries encounter in different stages of European integration. However, this process presents several challenges and dilemmas, either for European Union, or for the Balkan enclave. The main challenge in the case of this enlargement is to reconcile the nation-state building and the European integration. From the economic point of view, the Balkans region is underdeveloped. Several factors determined this stance of the region: the poor endowment in terms of natural resources, the political situation over the centuries (the military conflicts) – impeding the economic development, the cultural factors. At present, the region is confronted with the consequences of the worst economic and financial crisis o global economy since the end of World War II.

Suggested Citation

  • Radulescu, Andrei, 2012. "The Balkans: Between Economic Crisis And European Integration," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 16(2), pages 129-146.
  • Handle: RePEc:vls:finstu:v:16:y:2012:i:2:p:129-146

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    Cited by:

    1. Julijana Angelovska, 2017. "Integration of Macedonian, Bulgarian and Croatian Stock Markets – VECM Approach," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 65-79.

    More about this item


    The Balkans; economic crisis; European integration;
    All these keywords.

    JEL classification:

    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F15 - International Economics - - Trade - - - Economic Integration


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