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European economies' prospects of convergence.
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| Submitted: Mon Dec 22 2003
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European economies' prospects of convergence. The most important aims of creating the European Union were to facilitate more market integration and to reduce American financial power. If Europe wants to challenge the US economic and political dominance, it should act more like a single country. Not far off is the day of the EU enlargement. On 16 April 2003 the leaders of 10 new members - Cyprus, the Czech Republic, Estonia, Hungary, Poland, Slovakia, Latvia, Lithuania, Malta and Slovenia - signed the EU Accession Treaty. Formally these countries will become the EU's members on 1 May 2004. These countries should meet the demanding "Maastricht criteria" on inflation, fiscal deficits and public debt. After the two-year probation period the applicant countries finally will be able to adopt the euro. Their desire becomes clear especially now that the position of the euro is strong enough. The applicant countries are hoping that membership of...
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