Bringing the region closer to the EU single market and deepening regional economic integration are the first two pillars of the European Commission’s 2023 Plan for Western Balkans, presented by the President of the European Commission, H.E. Ms. Ursula von der Leyen, at the GLOBSEC 2023 Bratislava Forum on May 31st, 2023. The transformative power of European Integration has been a multidimensional topic of immense policy interest and extensive research. Key themes include deepening trade and financial integration, institutional integration as well as real convergence towards more advanced European economies. How to accelerate the region’s trade and financial integration with Europe? What are the main challenges in strengthening fundamentals and good governance? How to capitalize on complementarities and synergies of institutional and structural reforms?

Economic policy has preserved a stable macroeconomic environment as a basis for growing business dynamism. What Western Balkans need now is a series of more subtle and interconnected reforms that create a vibrant market economy, one that can create jobs and promote structural change and creation of new firms. This will provide the flexibility and resilience of markets to succeed on international markets and to adjust to the challenges of EU accession. Restoring markets and accelerating institutional reforms would create a conducive environment for economic prosperity. International financial institutions are also profoundly involved in promoting environmentally and socially sound and sustainable development projects to support competitiveness and resilience of Western Balkan economies. What are the main challenges for policymakers in creating a growth-conducive environment and promoting economic prosperity?

The interplay among geopolitics, policy making and finance significantly affects European integration prospects. Power dynamics and regional initiatives shape the policies and regulations that governments implement. In this context, diplomacy is instrumental in maintaining unity and promoting common goals and values, by resolving political, economic, and legal issues to ensure a smooth integration of new EU member states, facilitating policy coordination among member states and candidate countries, and preserving peace on the European continent. What are the main implications for flows of finance and macroeconomic fundamentals? How diplomacy and policy making can maximize development finance?

European and regional integration strongly influences decisions and operations of businesses. Identifying and incorporating new business opportunities – through diversity of ideas, addressing emerging issues, overcoming divisions, and strengthening regional cooperation – is vital for the deepening of EU integration. What are the main benefits and challenges for the businesses? Which global trends will strongly affect businesses? What are the untapped business opportunities along the EU accession path?