The Pencil Guy: Hourann's illogical blog

For Sergey: a Eurozone trialled by fire?

I wonder if the pace of EU expansion, and the integration of new members, will be slowed by the present recession/crisis/oh-no-the-world-is-ending state of economic ungoodness? Consider, for instance, Romania.

Just like, well, everyone, Romania’s government this week announced a stimulus package of tax breaks for small businesses (even though they’re still growing at a respectable 3%). But progress towards proper integration, like adopting the Euro or joining the Schengen visa-free travel agreement, seem to be slowing — in the latter case, the schedule that insists 2011 is the date seems increasingly tenuous.

Not long ago, the strengthening and expansion of the EU was one of the best (indeed, one of the only) hopes for the region’s economies to get back on track to growth — but if that’s slowing down, I wonder whether the first real test of the Eurozone will just end up exposing its weaknesses.

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