Central Europe as an Economic Area? Prospects for Further Economic Integration from an Austrian Perspective

Following the breakdown of central planning in Eastern Europe in 1989, all the reforming countries bordering the EU initiated processes, though at different speeds, to eventually join the EU as members. These countries were, except for Poland, also bordering the then new EU-Member country Austria. It seemed natural, therefore, to learn from the Austrian experience for the integration process of Central and Eastern European countries (CEECs). Already from the outset, the following questions come to ones mind: What special role has Austria played in the transformation process and, what role could she play in the integration process of CEECs? What kind of economic area could Austria possibly form with CEECs and which countries should be involved? What could be the meaning of a regional economic area in central Europe when the reforming countries involved are anyway striving for EU membership? The paper investigates the empirical characteristics of the countries compared in order to judge how apt they were for forming some kind of economic area.