By Anastasios Karasavvoglou, Persefoni Polychronidou
The area is altering quickly. the worldwide monetary hindrance has known as into query the political judgements which have been made via all nations for many years and has resulted in a re-formulation of instruments and goals. alterations to the hot scenario are useful and entail significant fiscal and social expenditures. The Balkan and Black Sea sector is a vital reference element for the ecu and international financial system. for that reason, the examine of the industrial improvement within the zone is of significant curiosity, attractive politicians and scientists alike. below this framework, the problem of the relation among the area’s international locations and the E.U., the function of the banking method and the significance of the first quarter of the financial system as a huge developmental issue for the international locations’ economies are of serious importance.
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Additional resources for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
The data set has been downloaded from the World Bank’s database. In the context of the empirical analysis, the methodology of Nahar and Inder is performed to investigate catching up convergence. The results revealed the existence of dissimilarities among the examined Balkan economies in the catching up process towards the EU-15. It seems that the performance of the examined Balkan economies has been negatively affected by the political and economic conditions of the recent past as many conflicts and populations’ movements along with political instability had occurred.
His desire of Serbian domination ended up to the violent breakup of Yugoslavia. As a result, Croatia, FYROM and Slovenia declared their independence in 1991 and Bosnia and Herzegovina in 1992. Since 1992, Serbia remained united only with Montenegro but in a new state union, under the name new Federal Republic of Yugoslavia (FRY). As it was expected, Serbia faced with ethnic campaigns and as a result FRY was expelled from UN. The leadership of Milosevic did not change its direction not even in 1998, when it was obliged to face an Albanian insurgency in the province of Kosovo.
Greece is the country with the longest history in Balkans. Right after the world war, Greece joined NATO2 and since then was settled the basis of its economic stabilization. During the period 1953–1972 the Greek economy developed rapidly and structured within international events. In 1981, Greece joined the European Community (EC) being the tenth member and the first among the Mediterranean countries after Italy. A new phase for Greece came with the Cold War’s ending and Greece oriented to the West located in a really advantageous position.