Unit 4 Macro: Economic Benefits of EU Membership
Membership of the European Union (EU) has had a big positive effect on average incomes in all but one of its member countries.
That is the central finding of research by Nauro Campos, Fabrizio Coricelli and Luigi Moretti, to be presented at the Royal Economic Society’s 2014 annual conference. They also find that the more financially developed countries have grown significantly faster after joining the EU.
The study examines data for each EU member to answer the question, ‘what would levels of per capita income and labour productivity be if countries had not joined the EU when they did?’ Among the findings:
* For the average country, average incomes would be 12% lower if they had not joined – and annual rates would have been 1.2 percentage points lower.
* Denmark, Ireland, the UK, Portugal, Poland, Hungary, Estonia and Latvia have benefitted most from EU membership.
* Spain, Austria, Finland, Sweden, Slovenia, Czech Republic, Slovakia and Lithuania have also benefitted financially, but by less.
* Greece is the only country where joining the EU has resulted in lower levels of per capita income.
* The benefits for the UK have slowed down over time, but the benefits for Ireland have not. This suggests that the former benefited more from the single market while the latter did mostly from the euro.
* For the average country, average incomes would be 12% lower if they had not joined – and annual rates would have been 1.2 percentage points lower.
* Denmark, Ireland, the UK, Portugal, Poland, Hungary, Estonia and Latvia have benefitted most from EU membership.
* Spain, Austria, Finland, Sweden, Slovenia, Czech Republic, Slovakia and Lithuania have also benefitted financially, but by less.
* Greece is the only country where joining the EU has resulted in lower levels of per capita income.
* The benefits for the UK have slowed down over time, but the benefits for Ireland have not. This suggests that the former benefited more from the single market while the latter did mostly from the euro.
Cleeg v Farage fact check: www.theguardian.com/news/reality-check/2014...
Channel 4 news - does Europe bring each household £3000?: http://blogs.channel4.com/factcheck/factcheck-euro...
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