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The Western Balkans Regional Economic Area: From Economic Cooperation to Economic Integration

In: Western Balkan Economies in Transition

Author

Listed:
  • Peter Sanfey

    (European Bank for Reconstruction and Development (EBRD))

  • Jakov Milatović

    (European Bank for Reconstruction and Development (EBRD))

Abstract

A consolidated multi-annual action plan, intended as the basis for an EU-compliant regional economic area in the Western Balkans, was adopted in July 2017 by the six countries of the region: Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro and Serbia. This chapter outlines the main objectives of this agreement and assesses its likely impact on the region. We argue that the plan correctly identifies some of the main areas where the Western Balkans lags behind EU comparators, such as free movement of goods, services, investments, labour and information. It outlines a number of sensible and practical actions to address the problems, so that the region can move from economic cooperation towards a stronger and more formal economic integration, ahead of the ultimate goal for all six countries of EU membership. At the same time, the plan is relatively silent about some of the long-standing and pervasive problems that hold back the region’s economies, such as weak governance in public administration, limited access to finance for SMEs and widespread corruption and informality. Unless these problems are also addressed in parallel, the prospects for success of the action plan are limited.

Suggested Citation

  • Peter Sanfey & Jakov Milatović, 2019. "The Western Balkans Regional Economic Area: From Economic Cooperation to Economic Integration," Societies and Political Orders in Transition, in: Reiner Osbild & Will Bartlett (ed.), Western Balkan Economies in Transition, pages 15-27, Springer.
    • Handle: RePEc:spr:socchp:978-3-319-93665-9_2
    DOI: 10.1007/978-3-319-93665-9_2
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    Cited by:

    1. Fatmir Besimi & Vassilis Monastiriotis, 2019. "The Role of EU Integration in Accelerating Structural Reforms in the Western Balkans: Evidence, Theory and Policy," LEQS – LSE 'Europe in Question' Discussion Paper Series 140, European Institute, LSE.
    2. Krasniqi, Besnik & Ahmetbasić, Jasmina & Bartlett, Will, 2022. "Foreign direct investment and backward spillovers in the Western Balkans: the context, opportunities and barriers to the development of regional supply chains," LSE Research Online Documents on Economics 115391, London School of Economics and Political Science, LSE Library.

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