The European Union in a transition economy

Abstract

A transition economy differs from the economies of well-developed countries of Western. It would be difficult to answer this antagonism in a short text The aim of this article is rather to bring a model for solving the multi-objective problem underlying this antagonism As an example, some objectives are chosen by the authors instead of being selected by all the stakeholders interested in the issue. In addition, alternative scenarios are possible: a scenario of welfare economy with a full market mechanism and a scenario of sustainable development. In each of these scenarios admission to EMU and EU are considered, but also secession meant rather prior to than ex-post the European integration. The examples of Lithuania and Poland illustrate the application on transition economies. The hope remains that one day the model will be used for a full-fledged study on the European economic integration of the transition economies of Central and Eastern Europe.