Can Croatia Learn from the Irish and Greek Experiences

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Alen Degirmendzic
Westminster College
Thesis: First Draft
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The objective of this paper is to examine and analyze the encounters posted to smaller and weaker economies within the European Union, by focusing on Greece’s and Ireland’s experience during the 2009 financial crisis I will try to add more to the discussion of Croatia’s integrity within the European Union and to address, if Croatia as the newest member of the EU can overcome forthcoming challenges. Much of the recent literate suggest these countries and their relatively small economies are, amongst other reasons, not able to devalue the currency with the intent, to regain economic effectiveness.(Taylor 2011) They are realizing that the Eurozone’s economic assembly might not sufficiently represent their specific economic exposures. Because of this and other deteriorating economic situations in all three countries in 2013, I propose that these states will further degrade or increasingly worsen the union’s specific economic power. This concept is studied in terms of three key issues. Firstly, we will study and analyze specific conditions that lead to one of the most impactful financial struggles, both in Greece and Ireland. Secondly, we will examine the challenges and outcomes of bailouts and austerity measures, imposed by the EU as an action of taking the crisis under control. And finally, by drawing fundamental conclusion from Croatia’s current and past economic conditions we will elucidate why the European Union cannot afford the risk of having one more member state added to the already crushed monetary union.

The paper is divided into several sections, an introduction, a section devoted to Greece, a section devoted to Ireland, and chaper dedicated to Croatia and a concluding section. Sections 2 and 3 are there to discuss the past, present, and future economic conditions for both countries and their integration...
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