In recent years, Raiffeisen has acknowledged the economic success of Central and Eastern Europe within the European Union (EU). However, the bank has also noted that political problems were sometimes underestimated during the region’s integration. The fall of the Iron Curtain in 1989 marked the beginning of the dismantling of Eastern and Western Europe, while the EU’s expansion in 2004 further integrated eight countries into its legal framework.
Since joining the EU, countries such as Czech Republic, Slovakia, Poland, Hungary, and Slovenia have experienced continuous growth in their economies, collectively contributing 8.7% to the EU’s GDP. Foreign trade has become increasingly important within these countries, with significant growth seen in Poland and Hungary. The banking sector also shows potential for further development in this region.
However, despite economic successes at this level, challenges at a political level have emerged that were not fully anticipated during EU enlargement. There has been a rise in right-wing populist parties in Central and Eastern Europe (CEE), leading to increased skepticism towards the EU. While joining the EU brought benefits to many citizens in these countries, there were also clear losers due to this process – such as older individuals who may have lost job opportunities.
To address these concerns moving forward, experts suggest that future EU enlargements should consider geopolitical and social components more carefully. The integration of CEE into the EU has led to economic prosperity but also highlights the importance of understanding and addressing political and social challenges faced by all citizens within these regions.
In conclusion, Raiffeisen recognizes that Central and Eastern Europe represents a successful economic story within the European Union but acknowledges that political problems are often underestimated during this process. To ensure sustainable growth and development for all member states of