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Five Years of an Enlarged EU - A Positive Sum Game (Paperback, 2010 ed.)
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Five Years of an Enlarged EU - A Positive Sum Game (Paperback, 2010 ed.)
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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.
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