Hungary, Cyprus and the EU

Paper Summary:

This paper explains that, although both Hungary and Cyprus are international crossroads nations, their experiences as members of the EU are likely to be very different. The writer states that it is already clear that old economic and political habits die hard in Hungary and that nation is likely to toddle along, perhaps helped economically by EU membership, but perhaps not very much. On the other hand, the writer points out that it is clear that Cyprus has been able to use its position, despite its continuing unsettled Turkish-Greek political situation, to take full advantage of membership and become a financial powerhouse in the region.

Outline:
Introduction
A Tale of Two Nations
Hungary
Cyprus
Conclusion

From the Paper:

"In fact, Cyprus, a year after EU accession, has seen exactly the economic benefits it sought and expected. Cyprus Minister of Finance Iacovos Keravnos particularly cited the economic benefits of the Cyprus pound joining the EU Exchange Rate Mechanism (ERM II). This would add to the benefits already experienced including the "stability of the Cyprus pound's exchange rate, the convergence of Cypriot interest rates with those of the Eurozone, the restraint of production costs, improved competitiveness, and the attraction of foreign investment" (Xinhua News Agency 2005)."

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