The new EU member states - the place in the integration road of the EU economy

Abstract

For that reason one of the future challenges for the new member states - to reach the same level. Nevertheless, it is important to understand, that structural support is not the main reason of successful economic growth of the EU member states and EU itself. The common market is a main factor which promotes economic growth. That is why another challenge for the new member states-fully integrate their economies into European economic and monetary union. EU is unique union of states, which gives particular benefit for the member states and worldwide performs a notably role. Therefore trying to analyze economic processes inside EU it is important to evaluate the main factors outside EU which make the largest influence. To respond to changeable development processes of economy mostly suitable tools are the instruments of monetary and fiscal policies. It should be noted that implementation of fiscal policy on the EU level is restricted. The EU budget must be always balanced and implemented without consideration of business cycles. The policy on taxation is harmonized only on indirect taxes. The instruments of direct taxes and expenditures of national budget let for the member states to compete with each other in EU, and it is to be expected that the new member states will use these measures. The main centralized instrument to respond adequately into business cycles on the EU level is a monetary policy implemented by the European Central Bank. Nevertheless, not all the new member states have joined the euro zone. It gives them more flexibility in control their economy, but at the same time obliges to maintain stability of national currency.