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Erschienen in:
Introduction: The Story and the Lessons Kapitel lesen Erstes Kapitel lesen

2021 | OriginalPaper | Buchkapitel

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

verfasst von : Martti Randveer, Karsten Staehr

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

Verlag: Springer International Publishing

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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.

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Vorheriges Kapitel Transformation of the Trade and Financing Model of the Hungarian Economy After EU Accession
Nächstes Kapitel Bulgaria and Romania: The Latecomers to the Eastern Enlargement
Fußnoten
1
The European Union was known as the European Community before 1993 and even earlier as the European Economic Community. This chapter uses the terms the European Union and its abbreviation EU as shorthand also when it refers to the earlier forms that existed before the term was adopted in 1993.
 
2
Staehr (2011) uses proxies for the “closeness” of the post-communist countries to the EU, one of which is the proportion of the chapters that were closed each year during the negotiations, and finds that closeness to the EU helped strengthen democratisation in the countries, while the economic reforms appear to have become more government-centred and less market liberal.
 
3
The data presented typically start in 1995. By this time the countries had established market-economy systems and the immediate effects of the transition reforms had waned. Moreover, reliable data that comply with Eurostat requirements are typically only available from this year.
 
4
Results from decomposition analyses reveal that the contribution to overall economic growth from the sectoral reallocation of employment was very small or even negative during the boom (Kuusk et al. 2017). The boom in demand in sectors such as construction and retail meant that in some cases resources were moved from sectors with high productivity to sectors with lower productivity.
 
5
It is notable that the developments of GDP growth shown in Fig. 7.1 are broadly mirrored in the current account developments in Fig. 7.2. Economic growth goes hand-in-hand with current account deficits, and this pattern appears to apply to most Central and Eastern European countries (Staehr 2018).
 
6
The euro has remained popular. According to the Eurobarometer for autumn 2018 the euro is backed by large majorities of the populations in the Baltic states. The statement “A European economic and monetary union with one single currency, the euro” gained support by 85 per cent of those interviewed in Estonia, 81 per cent in Latvia and 67 per cent in Lithuania (Eurobarometer 2018, p. 32).
 
7
The populations in the Baltic states express greater trust in the EU than the average across the EU countries (Eurobarometer 2018, p. 6).
 
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Metadaten
Titel
Macroeconomic Trends in the Baltic States Before and After Accession to the EU
verfasst von
Martti Randveer
Karsten Staehr
Copyright-Jahr
2021
Buch
Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume I

Print ISBN: 978-3-030-57685-1

Electronic ISBN: 978-3-030-57686-8

Copyright-Jahr: 2021

DOI
https://doi.org/10.1007/978-3-030-57686-8_7

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