The economic success of Central and Eastern European countries, such as the Czech Republic, Slovakia, Poland, Hungary, and Slovenia, has been recognized by Raiffeisen. However, political problems were sometimes underestimated during the EU’s eastward enlargement. The opening of the border fence near Sopron in 1989 marked the beginning of the dismantling of the Iron Curtain that divided Eastern and Western Europe. In 2004, eight countries joined the European Union (EU), further integrating them into its legal framework. Since then, additional countries have joined.
The economic performance of these countries has seen continuous growth since joining the EU, contributing collectively 8.7% to the EU’s GDP. Trade within the region has become increasingly important, with significant growth in foreign trade seen in Poland and Hungary. The banking sector also shows promise for further development in these countries.
Despite this economic success, challenges at the political level were not fully anticipated during EU expansion. There has been a rise in right-wing populist parties in Central and Eastern Europe (CEE), leading to increased skepticism towards the EU among some citizens. While many people benefited from joining the EU, there were also clear losers such as older individuals who may have lost job opportunities due to changes brought about by integration into the EU.
To address these concerns and ensure future successful enlargements of the EU into CEE countries, experts recommend that geopolitical and social components be considered more carefully when planning such expansions. The integration of these countries into the EU has brought economic prosperity but also highlighted