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The EU's neighbouring economies: managing policies in a challenging global environment

The EU's neighbouring economies: managing policies in a challenging global environment

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Published by Yannis Koutsomitis
When the EU’s neighbours were still recovering from the impact of the deep global recession of 2009, the combination of a weak external environment and regional and domestic problems is again posing serious economic challenges to these countries. In particular, the prolongation of the sovereign debt crisis in the EU, with which many EU neighbours maintain close economic and financial links, continues to have negative spill-overs on them. At the same time, regional and local factors, including political uncertainty, continue to negatively affect economic performance. This is particularly the case for the Southern neighbours, where political transition in the Arab states proceeds at a very slow pace and with significant setbacks. The situation in the Southern neighbours is further complicated by the prolongation and intensification of the civil war in Syria. Domestic factors, be it the build-up of macroeconomic imbalances or political uncertainty, are also weighing down on economic growth in several Eastern neighbours. They are also being affected by the rapid slowdown of the Russian economy since the second half of 2012.
The paper describes the recent economic developments in the EU's neighbours both at a regional level and in a country-by-country analysis. It also includes two thematic chapters – the first one examines the exposure of the Southern and the Eastern neighbours to the EU economy and puts forward several policy recommendations, while the second one examines the potential role for development of Islamic Finance in the Mediterranean countries.
When the EU’s neighbours were still recovering from the impact of the deep global recession of 2009, the combination of a weak external environment and regional and domestic problems is again posing serious economic challenges to these countries. In particular, the prolongation of the sovereign debt crisis in the EU, with which many EU neighbours maintain close economic and financial links, continues to have negative spill-overs on them. At the same time, regional and local factors, including political uncertainty, continue to negatively affect economic performance. This is particularly the case for the Southern neighbours, where political transition in the Arab states proceeds at a very slow pace and with significant setbacks. The situation in the Southern neighbours is further complicated by the prolongation and intensification of the civil war in Syria. Domestic factors, be it the build-up of macroeconomic imbalances or political uncertainty, are also weighing down on economic growth in several Eastern neighbours. They are also being affected by the rapid slowdown of the Russian economy since the second half of 2012.
The paper describes the recent economic developments in the EU's neighbours both at a regional level and in a country-by-country analysis. It also includes two thematic chapters – the first one examines the exposure of the Southern and the Eastern neighbours to the EU economy and puts forward several policy recommendations, while the second one examines the potential role for development of Islamic Finance in the Mediterranean countries.

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Published by: Yannis Koutsomitis on Aug 23, 2013
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08/23/2013

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EUROPEANECONOMY
Occasional Papers 160 | August 2013
The EU’s neighbouring economies:managing policiesin a challenging global environment
Economic and Financial A
ff 
airs
ISSN 1725-3209
 
Occasional Papers
are written by the Staff of the Directorate-General for Economic andFinancial Affairs, or by experts working in association with them. The “Papers” areintended to increase awareness of the technical work being done by the staff and cover awide spectrum of subjects. Views expressed do not necessarily reflect the official views of the European Commission. Comments and enquiries should be addressed to:European CommissionDirectorate-General for Economic and Financial AffairsPublicationsB-1049 BrusselsBelgiumE-mail: mailto:Ecfin-Info@ec.europa.eu  Legal noticeNeither the European Commission nor any person acting on its behalf may be heldresponsible for the use which may be made of the information contained in thispublication, or for any errors which, despite careful preparation and checking, mayappear.This paper exists in English only and can be downloaded from the websiteec.europa.eu/economy_finance/publicationsA great deal of additional information is available on the Internet. It can be accessedthrough the Europa server(ec.europa.eu ) KC-AH-13-160-EN-NISBN 978-92-79-31381-3doi: 10.2765/14470© European Union, 2013
 
European CommissionDirectorate-General for Economic and Financial Affairs
The EU's neighbouring economies:Managing policies in a challenging globalenvironment 
EUROPEAN ECONOMY Occasional Papers 160
 

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