Were Bulgaria & Romania ready to join the EU? A discussion on the EU membership of Bulgaria and Romania in 2007
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international relations
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published 21/08/2008
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SummaryIn 2007, Bulgaria and Romania joined the European Union. Bearing completely different economic and socio-political features than most of the older EU members, particularly their Western partners, Bulgaria and Romania are the poorest among the EU-27 member states. Since they started altering their political and economic environment in order to acquire the EU membership, they accomplished much but not in areas like crime, corruption, border controls and obsolete ways of administration.
This paper discusses the EU membership of Bulgaria and Romania. Due to the same political and economical system of the Central & Eastern European (CEE) countries with Bulgaria and Romania, the paper performs a macroeconomic comparative analysis to the CEEs that joined the EU in 2004 and it investigates the evolution of the Bulgarian and Romanian economies for the period 1997-2003. In addition, it assesses the performance of Bulgaria and Romania after the EU membership concluding that free market economy has created the grounds for the improvement of the socio-politico-economic setting of Bulgaria and Romania. The Balkan pair was ready to join the EU, although having corrupted officials has also partially impeded the smooth transition to fully-functioning markets in both countries.
Keywords: free market, European Union, FDI.
This paper discusses the EU membership of Bulgaria and Romania. Due to the same political and economical system of the Central & Eastern European (CEE) countries with Bulgaria and Romania, the paper performs a macroeconomic comparative analysis to the CEEs that joined the EU in 2004 and it investigates the evolution of the Bulgarian and Romanian economies for the period 1997-2003. In addition, it assesses the performance of Bulgaria and Romania after the EU membership concluding that free market economy has created the grounds for the improvement of the socio-politico-economic setting of Bulgaria and Romania. The Balkan pair was ready to join the EU, although having corrupted officials has also partially impeded the smooth transition to fully-functioning markets in both countries.
Keywords: free market, European Union, FDI.
Table of Contents
- Abstract.
- Introduction.
- The transition to free trade.
- Bulgaria, Romania: the evolution of their economies (1997-2003).
- Comparison to Central & Eastern European entrants (2003-2005).
- Observations for Bulgaria (2005).
- Bulgaria, Romania and the EU membership.
- Conclusions.
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