The Amazing CEE-EU Convergence Story

Let’s take a moment to highlight the tremendous achievements of CEE-EU convergence in 30 yrs. There is no precedent & the EU should be proud of it!

Back in 1995 (the year Austria, Finland & Sweden joined the EU), GDP per capita in US$ of Bulgaria, Estonia, Latvia, Lithuania & Romania was only 5-10% of Austria’s (chart below).

Today that ratio among the 11 CEE members of the EU is 30-60%, depending on the country, with more to come despite the geopolitical challenges the region is facing.

A CEE-EU dateline as a reminder:

-Mid-1990s: CEE countries apply for EU membership

-2004: Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia join the EU

-2007: Bulgaria & Romania join the EU // Slovenia joins the Eurozone (EZ)

-2009: Slovakia joins the EZ

-2011: Estonia joins the EZ

-2013: Croatia joins the EU

-2014: Latvia joins the EZ

-2015: Lithuania joins the EZ

-2023: Croatia joins the EZ

-2026: Bulgaria to join the EZ as its 21st member