Five Years of an Enlarged EU

1. Front Matter

   Pages i-xxix

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2. Trade and Foreign Direct Investment in an Enlarged EU: Opportunities and Challenges

   1. Front Matter

      Pages 9-9

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3. Overview

   1. Overview

      • Filip Keereman, István P. Székely

      Pages 1-7

4. Trade and Foreign Direct Investment in an Enlarged EU: Opportunities and Challenges

   1. Front Matter

      Pages 9-9

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   2. Evolving Pattern of Intra-industry Trade Specialization of the New Member States of the EU: The Case of the Automotive Industry

      • Elżbieta Kawecka-Wyrzykowska

      Pages 11-31

   3. FDI Spillovers in the Czech Republic: Takeovers Versus Greenfields

      • Juraj Stančík

      Pages 33-53

   4. Comments on Chapter 2 and 3

      • Sándor Richter

      Pages 55-60

5. Migration in an enlarged EU: solution or problem for labour market woes and cash-strapped social security systems?

   1. Front Matter

      Pages 61-61

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   2. Migration in an Enlarged EU: A Challenging Solution?

      • Martin Kahanec, Klaus F. Zimmermann

      Pages 63-94

   3. The Consistency of EU Foreign Policies Towards New Member States

      • Jean-Claude Berthélemy, Mathilde Maurel

      Pages 95-113

   4. Comments on Chapters 5 and 6

      • Filip Keereman, Karl Pichelmann

      Pages 115-119

6. Financial integration and stability in an enlarged EU

   1. Front Matter

      Pages 121-121

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   2. Real Convergence, Financial Markets, and the Current Account: Emerging Europe Versus Emerging Asia

      • Sabine Herrmann, Adalbert Winkler

      Pages 123-152

   3. Sustainable Real Exchange Rates in the New EU Member States: Is FDI a Mixed Blessing?

      • Jan Babecký, Aleš Bulíř, Kateřina Šmídková

      Pages 153-181

   4. Comments on Chapters 8 and 9

      • Corina Weidinger Sosdean

      Pages 183-187

7. Integration, Openness and Growth: Did Accession Make a Difference?

   1. Front Matter

      Pages 189-189

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   2. The Second Transition: Eastern Europe in Perspective

      • Stefania Fabrizio, Daniel Leigh, Ashoka Mody

      Pages 191-220

   3. An Evaluation of the EU’s Fifth Enlargement with Special Focus on Bulgaria and Romania

      • Fritz Breuss

      Pages 221-248

   4. Comments on Chapters 11 and 12

      • Ryszard Rapacki

      Pages 249-253

8. Back Matter

   Pages 255-256

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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 signi?cantly 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 streng- ened 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 ?nancial markets through foreign direct investment and capital in?ows, 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 glo- lisation in miniature, a practice run for the Union to tackle the challenges of the ever smaller world.

• Development Economics
• Economic Growth
• Economic Policy
• European Integration
• European Union (EU)
• International Economics

• , ECFIN.E.2 - BU1 -1/10, European Commission, Brussels, Belgium

  Filip Keereman

• , ECFIN.A - BU-1 03/209, European Commission, Brussels, Belgium

  Istvan Szekely

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