Jonas Ljungberg
Professor emeritus
Baltic Integration and the Euro
Author
Summary, in English
Which have been the consequences of the euro for integration and economic performance in the Baltic Sea region? After the collapse of the Soviet Union, the three Baltic states and Poland have been rapidly catching-up with Western Europe. The Great Recession became a great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro bestowed appreciation for the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic Sea region suggests that the euro provides “the golden fetters” of our time. Emigration, also a kind of integration, has become a safety valve with severe social and economic consequences for the Baltic states.
Department/s
- Department of Economic History
Publishing year
2019
Language
English
Publication/Series
Lund Papers in Economic History. General Issues
Issue
2019:198
Full text
Document type
Working paper
Topic
- Economic History
Keywords
- economic growth
- integration
- exports
- EMU
- Baltic Sea region
- exchange rates
- E39
- E42
- F14
- F15
- F43
- N14
Status
Published