The economic potential of a larger Europe

Abstract:
This work endeavours to provide insights into past, present and developing issues relating to the European Union’s enlargement process.

The book is organised in eight parts. The first part addresses the challenges for turning a larger Europe into a stronger Europe, with commentary on structural reform of the labour market in Western Europe, fiscal imbalances, underdeveloped financial sectors, and institutional and legal frameworks in the Central European and Baltic countries. Part two concentrates on the key issues for capacity building, featuring reform of the banking sector, investments in infrastructure and education, and relationships with countries bordering upon the EU - particularly Russia and the progress of integration to the south-east of Europe. The third part explores the issue of human capital and capacity building, looking at recent developments in Ukraine, the World Bank response to the capacity building challenge and the role of the IMF. Trade integration and the importance of Foreign Direct Investment are considered in part four with particular emphasis upon the improved productivity spin-offs from foreign-owned enterprises compared to domestic firms.

Part five concentrates upon monetary union in Europe and the problems of fiscal adjustment facing the acceding countries. Part six examines corporate governance, financial markets and the role of the state in optimisation of the regulatory process. Macroeconomics and structural policies in an enlarged euro area are the focus of part seven, which addresses such issues as the end for strong fiscal discipline in the accession countries which are exposed to greater volatility of economic activity. The final part eight addresses the issue which transcends all economics - ‘Political Union’.

The book will interest economists, scholars and students, policy makers and researchers, practitioners engaged in the fields of European integration, EU enlargement, Central and Eastern Europe.

Contents:
Executive Summary: EU Enlargement in 2004 – A Time to Revisit Transition Challenges

Part I: Reconciling Policies for Europe
Part II: Key Issues for Capacity Building
Part III: Human Capital and Capacity Building – Experiences and Lessons for the Future
Part IV: The Role of FDI and Trade Integration in the Catching-up Process
Part V: The Road to Monetary Union
Part VI: Corporate Governance, Financial Markets and the Optimal Role of the State
Part VII: Stabilization of Expectations – Macroeconomic and Structural Policies in an Enlarged Euro Area
Part VIII: Economic and Monetary Union – A Leading Indicator for Political Union?