The economic criteria for EU accession: Lessons from the Czech and Slovak cases

The aim of the Chapter is to monitor the economic progress of the Czech and Slovak Republics in preparing for EU accession. The 1993 Copenhagen criteria set out the conditions for accession, but there is room for considerable discretion in deciding whether these have been met. Distortions in the privatisation process, and the slow transformation of the financial sector have proved major stumbling blocks in both countries. Though the Czech and Slovak Republics should prepare for eventual full membership of Economic and Monetary Union, they should be wary of premature attempts to meet the Maastricht criteria.