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This could have a negative impact on the ability of the new economy to survive.
There are advantages and disadvantages to joining the EU, depending on how ready the country is to make the leap into a competitive market. Differences forced former Czechoslavakia to separate. Now, each of the fledgling republics must be evaluated on their own merits. The Velvet Revolution of 1989 destroyed the socialist republic. By the 1990s, the Czech Republic's GDP per capita was 20% higher than Slovakia's. This may indicate better readiness to move into the European Union and the capital market system. Prior to 1991, transfers were made from the Czech budget to help finance Slovakian interests. This indicates a greater state of readiness for the Czechs than for Slovakia.
Feelings in the country are mixed as to whether the two countries should be completely independent or whether they should continue with shared interests. The current situation in the countries was decided by politicians, without regard to the wishes of the populace. The division was peaceful and now each of the new countries are free to decide their own separate destinies. Both countries were formally admitted into the European Union in 2004. Both countries adopted their own currencies.
Entrance into the EU has had different effects on the economies of the Czech Republic and on Slovakia. Of the two, the Czech Republic was initially able to withstand the changes better than Slovakia. However, with time Slovakia is adjusting to the changes and continues to experience a healthy level of growth. Entrance into the EU has allowed both countries access to resourced that they did not have in the past. These opportunities are beginning to have a positive impact on the Czech Republic and on Slovakia. Entrance into the EU presents many opportunities for both countries that were not present in the past.
References
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
Fidrmuc, J. & Fidrmuc,...
2000. "
Macroeconomic Developments in the Czech Republic and the EU Accession Process,"
Working Papers ir00008, International Institute for Applied Systems Analysis.
Frias, I. & Iglesias, a., 2004. "
Economic Challenges and Cosequences of the EU Enlargement for Trade and Development of Candidate States,"
Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(1), pages 55-72.
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007.
Vaknin, S. 2005. "KLA - the Army of Liberation." March 29, 2005. Retrieved at http://www.globalpolitician.com/articledes.asp?ID=500&cid=3&sid=10. Accessed December 21, 2007.
A rias, I. & Iglesias, a., 2004. "
Economic Challenges and Cosequences of the EU Enlargement for Trade and Development of Candidate States,"
Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(1), pages 55-72..
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
Frias, I. & Iglesias, a., Ibid.
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
J. Fidrmuc & J. Fidrmuc, 2000. "
Macroeconomic Developments in the Czech Republic and the EU Accession Process,"
Working Papers ir00008, International Institute for Applied Systems Analysis. [Downloadable!]
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007
Vaknin, Ibid.
References
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
Fidrmuc, J. & Fidrmuc, J. 2000. "
Macroeconomic Developments in the Czech Republic and the EU Accession Process,"
Working Papers ir00008, International Institute for Applied Systems Analysis.
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007.
Vaknin, S. 2005. "KLA - the Army of Liberation." March 29, 2005. Retrieved at http://www.globalpolitician.com/articledes.asp?ID=500&cid=3&sid=10. Accessed December 21, 2007.
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
Central Intelligence Agency. Global Factbook. Slovakia. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html. Accessed December 21.
US Department of State. Background Note: Czech Republic. Retrieved at http://www.state.gov/r/pa/ei/bgn/3237.htm. Accessed December 21, 2007
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