Table of Contents

Structural Challenges for Europe

Structural Challenges for Europe

Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner

The main thrust of the book is that the sharing of mutual experiences is important for generating an acceptable policy mix, both at EU and national levels. The contributors highlight key financial issues, including the role of FDI and of foreign banks in the still ‘under-banked’ acceding countries, the re-launch of social security systems and the fiscal challenges of financing the catch-up process. They also examine the ongoing EU debate surrounding the application of the Stability and Growth Pact in Central and Eastern European Countries (CEECs) and go on to explore the contrasting evidence that some CEECs have shown more extensive privatisation efforts than some EU countries.

Chapter 28: Europe - towards economic stability and prosperity?

Brigita Schmögnerová

Subjects: economics and finance, money and banking

Extract

28. Europe – towards economic stability and prosperity? Brigita Schmögnerová Europe’s position in the world economy in 2020 will very much depend on developments in the EU: (1) EU enlargement; (2) the process of catchingup within the EU and vis-à-vis the US as well as developments in non-EU European economies, in particular the Russian Federation and perhaps some other European CIS countries; (3) the expansion of the euro zone and the performance of the euro. 1. THE EU IN 2020 What might the EU look like in 2020? By 2020, the EU can be expected to have changed substantially in terms of geographical frontiers. Today’s EU is on the verge of historic enlargement into former Communist central and Eastern Europe. ● ● The current wave of accession looks set to happen in 2004, enlarging today’s 15-member EU to a 25-member entity. Bulgaria and Romania could join in 2007, as long as – according to the European Commission – the ongoing reforms to implement the acquis, to tackle corruption and to improve the public administration and the judiciary system continue. As regards Turkey, another aspiring member, the European Commission’s most recent Progress Report assessment was that the political criteria to open accession negotiations with the EU have not been fully met. Concerns focus on the independence of the judiciary, continuous allegations of torture and ill treatment in prisons and the status of religious and ethnic minorities. However, the growing commitments of the Turkish government to comply with the Copenhagen political criteria and Turkish pressure...

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