Overview of EU economic cohesion process performance for new member states

Abstract

The European Union's increasing international activity and significant role in the world economy attaches growing importance to the processes taking place in the economic life of the new Europe in the context overcoming the consequences of economic crisis. A variety of questions arise in the process. Why is it that some EU economies overcome the crisis more successful on their development, whereas other economies are in stagnation? What changes, both positive and negative, have taken place in the economies of old and new EU Member States? Is the enlargement of the EU economically justified? This process carries both new threats and opportunities for development. Whether the situation will be favourable for the sustainable and effective development of the EU economy depends on the implementation of the EU's cohesion policy and the response to the new challenges of the pursued cohesion policy in the future. The aim is to achieve balanced development throughout the EU, by reducing structural disparities among countries and regions, and promoting equal opportunities for all. Cohesion policy has a major impact on the economy Member States, reducing economic differences and promoting environmental and social development. EU Member States are characterized by the large disparity in development level – it can be said that EU is a multi- speed Europe: the EU old members’ and the EU new members’ social and economic development varies significantly. Moreover, EU countries show convergence and divergence processes of economic and social cohesion at the same time.