EMUにおける南欧諸国への地域政策
構造基金, 結合基金と欧州投資銀行の役割
2003 年 2003 巻 23 号 p. 44-64,293
詳細
2003 年 2003 巻 23 号 p. 44-64,293
The question this paper seeks to address is: how have the South European Countries been involved in the EMU which is led by the core nations. This paper examines the role of the EU regional policies toward the Southern European Countries in the EMU.
Article 109j (1) of the Maastricht Treaty sets out some economic criteria related to the development of prices, government financial positions, exchange rates and long-term interest rates under which a country would be eligible to join the third stage of the EMU. These conditions are classified as the nominal convergence criteria. Besides them, to attain the economic stability after the adoption of a single currency, the real convergence criteria, such as productivity, per capita GDP and employment, need to be fulfilled so as to reduce the economic disparity between the core nations and the peripheral nations. This paper assesses how the EU regional policies tackle the disparity issue between the two.
The first part of this paper outlines the role of the Structural Funds, the Cohesion Fund and the European Investment Bank. This part also explains the complementary relationship between two Funds and the EIB.
The second part of this paper assesses an effect of the EU regional policies on the Southern European Countries. In case of Spain and Portugal, regional policies are of benefit to the economic performance to a great extent. First, the transfer of the EU funds contributed to the enhancement of income and employment, and contributed to improvement of the productivity in the nations. Second, the regional funds support the small and medium sized firms. Third, these policies give an impetus to foreign investment. However, the policies are of less benefit to Greece because of its delay of the structural development.
The third part of this paper points out the problems which confront the Southern European countries. First, although the regional policies contributed to the reduction of the income disparity among nations, they leave the disparity within a nation unsolved. Moreover, there is a tendency for the real divergence to widen in Greece. Second, the supervision and regulation of banking sector is urged to harmonize with other EU nations.
This asymmetry is attributable to speed and progress of the structural adjustment in the peripheral nations. As the EU enlarges toward the.central and eastern Europe in the future, the disparity between the new comers and the core nations would be the central issue to maintain the stable economy in the EU.
