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http://ssrn.com/abstract=475742
 
 

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Greece in the European Union: Policy Lessons from Two Decades of Membership


Elisabeth Oltheten


University of Illinois at Urbana-Champaign - Department of Finance

George Pinteris


University of Illinois at Urbana-Champaign - Department of Finance

Theodore Sougiannis


University of Illinois at Urbana-Champaign - Department of Accountancy


Quarterly Review of Economics and Finance , Vol. 43, pp. 774-806, 2003

Abstract:     
This paper examines the first two decades of Greece's experience as a member of the European Union (EU). In evaluating the Greek experience within the EU, we derive three fundamental policy lessons that apply both to similar small peripheral countries now entering the EU and to the EU itself in terms of facilitating their integration in a large economic area. First, small peripheral countries that enter the EU must address the structural deficiencies of their economies before entry in order to minimize the impact of increased competition after the removal of trade protection, and follow domestic policies that maintain and promote their comparative advantage within the EU. Second, the Convergence Criteria have proven to be a successful mechanism for countries with a poor historical policy record to achieve macroeconomic stability, as shown by the case of Greece. Third, common EU policies can be very helpful in facilitating structural reforms in small peripheral economies. However, these policies must be continuously evaluated and improved so that their effectiveness is maximized.

Keywords: Greece, European Union, Convergence Criteria, European Monetary Union

JEL Classification: F15, O52, P52

Accepted Paper Series





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Date posted: June 30, 2004  

Suggested Citation

Oltheten, Elisabeth and Pinteris, George and Sougiannis, Theodore, Greece in the European Union: Policy Lessons from Two Decades of Membership. Quarterly Review of Economics and Finance , Vol. 43, pp. 774-806, 2003. Available at SSRN: http://ssrn.com/abstract=475742

Contact Information

Elisabeth Oltheten
University of Illinois at Urbana-Champaign - Department of Finance ( email )
440 Wohlers Hall
1206 South Sixth Street
Champaign, IL 61820
United States
217-333-9128 (Phone)
HOME PAGE: http://www.business.illinois.edu/oltheten/
George Pinteris (Contact Author)
University of Illinois at Urbana-Champaign - Department of Finance
1206 South Sixth Street
Champaign, IL 61820
United States
Theodore Sougiannis
University of Illinois at Urbana-Champaign - Department of Accountancy ( email )
360 Wohlers Hall
1206 South Sixth Street
Champaign, IL 61820
United States
217-244-0555 (Phone)
217-244-0902 (Fax)
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