Baltic Integration and the Euro

Research output: Working paper

Abstract

Which have been the consequences of the euro for integration and economic performance in the Baltic Sea region? After the collapse of the Soviet Union, the three Baltic states and Poland have been rapidly catching-up with Western Europe. The Great Recession became a great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro bestowed appreciation for the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic Sea region suggests that the euro provides “the golden fetters” of our time. Emigration, also a kind of integration, has become a safety valve with severe social and economic consequences for the Baltic states.

Details

Authors
Organisations
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Economic History

Keywords

  • economic growth, integration, exports, EMU, Baltic Sea region, exchange rates, E39, E42, F14, F15, F43, N14
Original languageEnglish
Number of pages27
Publication statusPublished - 2019
Publication categoryResearch

Publication series

NameLund Papers in Economic History. General Issues
PublisherDepartment of Economic History, Lund University
No.2019:198

Total downloads

No data available