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The Role of European Union Funds in Economic Development

Cristian Paun ()

Management Dynamics in the Knowledge Economy Journal, 2015, vol. 3, issue 3, 463-481

Abstract: The European Union project initially started as a peaceful solution for war reconstruction in Europe. European countries decided to cooperate rather than compete in an aggressive way. At the beginning, this project supposed (involved) market liberalization, trade barriers removals, market access improvement (initially for coal, steel, energy and, later, for all goods, services, workforce and capital). Unfortunately, in the last decades, all these Single Market facilities have been backed by redistributive schemes, protectionist mechanisms, social engineering, subsidies and facilities packed in so-called †EU policies†. New †European†institutions have been created, more and more funds have been involved to financially support this very complex redistributive intervention. The political dimension of the European Union project enhanced the economic dimension and constantly suffocated private markets and the economy. The “incomes†of the European Union that fuel its financial support are coming from taxes and/or inflation (better administered after the introduction of a Single Currency – the Euro). This paper will discuss the relevance of European Funds for economic development, especially for new members in this project.

Keywords: European Union; European Funds; economic integration; single market; euro. (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:nup:jrmdke:v:3:y:2015:i:3:p:463-481