Czech Hungary Poland & the Financial Crisis. Background:  EU accession: 2004  Subjects to excessive deficit procedures  Have not yet adopted the euro.

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Copyright 2007 – Biz/ed The European Union 1 All photographs and graphics courtesy of European Commission Audiovisual Library
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Copyright 2007 – Biz/ed The European Union 1 All photographs and graphics courtesy of European Commission Audiovisual Library
Presentation transcript:

Czech Hungary Poland & the Financial Crisis

Background:  EU accession: 2004  Subjects to excessive deficit procedures  Have not yet adopted the euro

Unemployment  CZR – 8.6%  HUN – 11.2%  POL – 12.6%  CZR – machinery and transport equipment, raw materials, chem. (exp. & imp. POL 6.3%, 7.1% )  HUN – machinery, other manufacture (imp. POL 4.7%)  POL – machinery, manufacture, food and live animals, chemicals  CZR – 3.1%, 38.6%  HUN – 4.7%, 30.9%  POL – 17.4%, 29.2% Occupied in agriculture & industry : Exports/Imports Background

People at risk of poverty or social exclusion: Czech > 15%, Hungary > 30%, Poland > 25%. Common policy issues: public finance, economic growth, narrowing budget deficit, employment & labor force participation Background

News: Inside the borders New President Milos Zeman, social democrat Budget deficit to exceed EU limit; IMF talks - no result EU freezes €4bn fraud case

Give 1.5 bil Get 3.0 bil Czech Give m Get 5.3 bil Hungary Give 3.2 bil Get 14.4 bil Poland EU Budget

Millions of euros Comparison

Millions of euros Comparison

Millions of euros Comparison

Millions of euros Comparison

Millions of euros Comparison

Czech Republic Czech is a net beneficiary, opposing decreasing of the budget. Money saved on CAP will be allocated to education, research and energy security. 5.4 bil euros for agriculture and 1.9 bil for development.

Hungary 60% of EU funds will be used on economic development €48m for unemployment Biggest payout per capita 10% lower than the previous budget deal

Poland Finance Minister Jacek Rostowski : “a unique, huge success” 52% of all public investment comes from EU budget "development eastern Poland" programme Wants a "European defense force" to guarantee European security

Delaying Euro Adoption  Excuse: Eurozone crisis  Exchange Rate Mechanism II (ERM II)  Minimum 2 years % of respondents who think that the consequences of adopting the euro are “very and rather negative”

Conclusion Friends of Cohesion Poorer regions that benefit highly Positive ending

The Guardian: EU budget: how much does each country pay and where does it get spent? EurActiv: EU budget summit aftermath: ‘Everyone’s a winner’ European Commission: Where does the money go? 4-traders: Government succeeds in EU budget negotiations Syracuse University Conference: “The Euro Crisis and the Future of the European Union” The Guardian: EU budget interactive The Guardian: EU leaders reach historic budget deal - as it happened Sources

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