TY - JOUR
T1 - Greece in the European Union
T2 - Policy lessons from two decades of membership
AU - Oltheten, Elisabeth
AU - Pinteris, George
AU - Sougiannis, Theodore
N1 - We would like to thank George Deltas, Charles Kahn, Alex Mourmouras, Athanasios Vamvakidis, and participants of the conference on the EU Peripheral Economics organized at the University of Illinois for helpful comments and suggestions. We would also like to thank the Centre for International Business Education and Research (CIBER) for financial support.
PY - 2003
Y1 - 2003
N2 - This paper examines the first two decades of Greece's experience as a member of the European Union (EU). In evaluating the Greek experience within the EU, we derive three fundamental policy lessons that apply both to similar small peripheral countries now entering the EU and to the EU itself in terms of facilitating their integration in a large economic area. First, small peripheral countries that enter the EU must address the structural deficiencies of their economies before entry in order to minimize the impact of increased competition after the removal of trade protection, and follow domestic policies that maintain and promote their comparative advantage within the EU. Second, the Convergence Criteria have proven to be a successful mechanism for countries with a poor historical policy record to achieve macroeconomic stability, as shown by the case of Greece. Third, common EU policies can be very helpful in facilitating structural reforms in small peripheral economies. However, these policies must be continuously evaluated and improved so that their effectiveness is maximized.
AB - This paper examines the first two decades of Greece's experience as a member of the European Union (EU). In evaluating the Greek experience within the EU, we derive three fundamental policy lessons that apply both to similar small peripheral countries now entering the EU and to the EU itself in terms of facilitating their integration in a large economic area. First, small peripheral countries that enter the EU must address the structural deficiencies of their economies before entry in order to minimize the impact of increased competition after the removal of trade protection, and follow domestic policies that maintain and promote their comparative advantage within the EU. Second, the Convergence Criteria have proven to be a successful mechanism for countries with a poor historical policy record to achieve macroeconomic stability, as shown by the case of Greece. Third, common EU policies can be very helpful in facilitating structural reforms in small peripheral economies. However, these policies must be continuously evaluated and improved so that their effectiveness is maximized.
KW - Convergence Criteria
KW - European Economic Community (EEC)
KW - European Monetary System (EMS)
KW - European Union
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U2 - 10.1016/S1062-9769(03)00049-8
DO - 10.1016/S1062-9769(03)00049-8
M3 - Article
AN - SCOPUS:0142119237
SN - 1062-9769
VL - 43
SP - 774
EP - 806
JO - Quarterly Review of Economics and Finance
JF - Quarterly Review of Economics and Finance
IS - 5
ER -