Raiffeisen recognizes an economic success story in Central and Eastern European countries, but acknowledges that political problems were sometimes underestimated. The symbolic opening of a border fence near Sopron in 1989 marked the beginning of the end of the Iron Curtain, leading to the integration of several countries into the legal frameworks of the European Union. Despite political challenges, the economic performance of countries such as the Czech Republic, Slovakia, Poland, Hungary, and Slovenia has steadily increased since joining the EU, with a significant impact on the region’s GDP.
Over the past 20 years, economic integration and competitiveness in foreign trade have improved in the region, leading to sustained prosperity and potential for catching up in the banking sector. While some countries, like the Czech Republic and Slovakia, have shown significant progress in this area, others, such as Hungary, Slovenia, and Poland, have lagged behind. Despite these variations, Austria’s banks have established a strong presence in the region, capturing a significant market share.
However, the EU’s eastward enlargement also brought unexpected challenges at the political level. Issues such as increasing skepticism towards the EU and the rise of right-wing extremist parties were not fully anticipated at the time of expansion. Experts emphasize the need to consider geopolitical and social components in future EU enlargements, in order to address the concerns of all citizens in the region.
Overall, while the economic success story in Central and Eastern Europe is evident, it is important to recognize and address the political and social implications of EU integration in order to ensure a more inclusive and sustainable future for the region.