Social Sciences
4 years ago

EU11 Economic Convergence Unleashes Market Forces, Raises Social Concerns.

Studies in economic transition
Convergence of the EU Member States in Central-Eastern and South Eastern Europe (EU11): A Framework for Convergence Inside a Close Regional Cooperation
István P. Székely, Robert Kuenzel

Paper Summary

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The EU11 countries in Central-Eastern and South Eastern Europe have been rapidly converging economically since joining the EU. Trade and foreign investment were the main drivers of this growth, but financial instability has been a concern. While the market forces unleashed by EU membership have boosted economic convergence, social convergence has been slower. This has led to imbalances and vulnerabilities in the region's economy, which could threaten the sustainability of its progress.