德意志银行-欧盟观察.pdfVIP

s c i m o n o c E s c i t i l o January 14, 2005 p EU Monitor No. 21 s c Reports on European integration i m o n o c e Editorial: How will the European economy develop in the first year after enlargement? Fiscal policy in the EU – Back to borrowing? The prospect of joining the European Monetary Union prodded the then member states in the mid- and late 1990s into considerable fiscal discipline. In the early years following the launch of the single currency the fiscal policy situation also improved, although this was mainly due to the economic situation. In structural terms, however, public budgetary positions have worsened in recent years; but the positions in the individual countries differ substantially. Given demographic developments and the foreseeable strains on the public purse in particular, huge efforts are still needed to place fiscal policy on a permanent and sustainable basisPage 4 Caroline P?tsch, +49 69 910-31705 (caroline.poetsch@) J?rn Quitzau, +49 69 910-31890 (joern.quitzau@) Western chemical companies move into Eastern Europe Economic expansion is boosting chemical consumption in the new EU countries in Central