Five Years of an Enlarged EU A Positive Sum Game
This book analyzes the economic performance of the EU in the first five years after its largest expansion in 2004. Accession and integration were expected to foster growth and convergence among the new Member States through intensified trade, foreign dire
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Filip Keereman
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Istvan Szekely
Editors
Five Years of an Enlarged EU A Positive Sum Game
Editors Filip Keereman European Commission ECFIN.E.2 BU1 -1/10 1049 Brussels Belgium [email protected]
Istvan Szekely European Commission ECFIN.A BU-1 03/209 1049 Brussels Belgium [email protected]
The information and views set out in this book are those of the authors and do not necessarily reflect those of the Commission of the European Communities. ISBN 978-3-642-12515-7 e-ISBN 978-3-642-12516-4 DOI 10.1007/978-3-642-12516-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010931435 # Springer-Verlag Berlin Heidelberg 2010 with European Communicies, 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg, Germany Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
The Fifth Enlargement that took place in 2004 and 2007 was a milestone in the history of the European Union. Not only because of the large number of acceding countries but also because of their recent political and economic experience. Ten of them had undergone a profound transition from a totalitarian regime to democracy, and from a centrally planned economy to a market-based system. Most of them had income levels significantly below those of the then EU-15. Now, 6 years later, we can clearly see that the process of European integration, both before and after 2004, was what enabled Europe to overcome the gaps between various parts of the continent. The enlargement made Europe a better and wealthier place and strengthened its position in the world. Integration into the European Union has always been one of the strongest incentives for reform in the new Member States. Particularly important in my view have been the development of financial markets through foreign direct investment and capital inflows, and the opening of labour markets – which was a two-way phenomenon, with markets being opened up in acceding as well as the incumbent Member States. The Fifth Enlargement was thus an exercise of globalisation in miniature, a practice run for the Union to tackle the challenges of the ever smaller world. This book brin
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