Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320162 
Year of Publication: 
2020
Citation: 
[Journal:] The European Journal of Comparative Economics (EJCE) [ISSN:] 1824-2979 [Volume:] 17 [Issue:] 2 [Year:] 2020 [Pages:] 229-252
Publisher: 
University Carlo Cattaneo (LIUC), Castellanza
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.
Subjects: 
Economic growth
Integration
Exports
EMU
Baltic Sea region
Exchange rates
JEL: 
E39
E42
F14
F15
F43
N14
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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