The European Journal of Comparative Economics

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EJCE Year: 2020, December. Volume: 17 - Issue: 2

Economic integration and exchange rate arrangements in the post-soviet period. The Baltic states in comparative perspective

by Jonas Ljungberg

Start page: 229 - End page: 252

Keywords: Economic growth, Integration, Exports, EMU, Baltic Sea region, Exchange rates

Jel code: E39; E42; F14; F15; F43; N14

DOI: 10.25428/1824-2979/202002-229-252

Abstract:

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.

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