View More View Less
  • 1 Warsaw University of Finance and Management Warsaw Poland
Restricted access

New Member States (NMS) are receiving large and increasing volumes of EU transfers that affect the process of convergence between the EU economies. Growth benefits from EU funds, related to a real convergence, depend strongly on the absorption and utilisation of the transfers, with the priority to finance investments. EU transfers bring opportunities as well as challenges for the process of nominal convergence between NMS and the EMU economies. The intervention highlights the argument that macroeconomic policies oriented towards a sustainable growth, close to its potential, help new members maximise benefits from EU funds.

  • Allard, C. — Choueri, N. — Schadler, S. — van Elkan, R. (2008): Macroeconomic Effects of EU Transfers in New Member States . Working Paper No. 223, IMF.

  • Barro, R. — Sala-i-Martin, X. (1992): Convergence. Journal of Political Economy , No. 2.

  • Behms, P. — Schellekens, P. (2007): Finance and Convergence: What’s Ahead for Emerging Europe . Working Paper No. 244, IMF.

  • Cuaresma, J. C. — Dimitz, M. A. — Ritzberger-Grunwald, D. (2008): Growth, convergence and EU membership. Applied Economics , No. 40.

  • IMF (1998): Theoretical Aspects of Capital Account Liberalization . Washington, D.C.

  • Kaitila, V. (2004): Convergence of Real GDP Per Capita In the EU-15: How Do Accession Countries Fit In? Working Paper No. 25, ENEPRI.

  • Mayhew, A. (2004): The Financial Framework of the EU, 2007–2013: New Policies/New Money? Working Paper No. 78, SEI.

  • O’Neill, J. — Wilson, D. — Purushothaman, R. — Stupnytska, A. (2005): How Solid Are the BRIC’s? Global Economic Paper No. 134, Goldman Sachs Economic Research Group.

  • Prasad, E. — Rogoff, K. — Wei, S. — Kose, M. (2003): Effects of Financial Globalization on Developing Countries . Occasional Paper No. 220, IMF.

  • Rana, P. B. (1987): Foreign capital, savings and growth in the Asian region. Savings and Development , No. 1.

  • Rosenberg, Ch. — Sierhej, R. (2007): Integrating EU Funds Data for Macroeconomic Analysis in New Member States . Working Paper No. 77, IMF.

  • Sierhej, R. (2007): EU Funds: What Can Western Balkans Learn From the New Member States . Warsaw: IMF Representative Office.

    Sierhej R. , '', in EU Funds: What Can Western Balkans Learn From the New Member States , (2007 ) -.