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Macroeconomic Trends in the Baltic States Before and After Accession to the EU

In: Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume I

Author

Listed:
  • Martti Randveer

    (Eesti Pank)

  • Karsten Staehr

    (Eesti Pank
    Tallinn University of Technology)

Abstract

This chapter discusses key macroeconomic trends in the Baltic states before and after their accession to the European Union in 2004. The countries have seen rapid economic growth, and the income gap with the EU countries in Western Europe has narrowed substantially. The convergence process has however been accompanied by cyclical volatility, and the setback after the global financial crisis was particularly severe. The cooperation of the Baltic states with the EU began in the early 1990s and strengthened over time, so the accession in 2004 did not cause any abrupt changes. Membership however opened for increased economic support from the EU and further liberalisation of trade, capital flows and movements of labour. A key challenge for the Baltic states is to achieve steady economic growth and continued convergence without jeopardising their macroeconomic and financial stability. This calls for judicious domestic policymaking in order that the countries may reap the benefits from continued integration and cooperation with the EU.

Suggested Citation

  • Martti Randveer & Karsten Staehr, 2021. "Macroeconomic Trends in the Baltic States Before and After Accession to the EU," Studies in Economic Transition, in: Michael Landesmann & István P. Székely (ed.), Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume I, chapter 0, pages 211-237, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-57686-8_7
    DOI: 10.1007/978-3-030-57686-8_7
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