Macroeconomic Trends in the New Member Countries of the European Union Before the Euro Area Debt Crisis

The objective of this paper is to outline the main macroeconomic trends in the new member countries of the European Union before the Euro Area debt crisis. In order to achieve this objective, the developments in a wide range of macroeconomic indicators (exchange rates, foreign trade, monetary policy, inflation, price levels, and fiscal balances, sovereign debt, GDP, labour productivity, composition of output and current account balances) have been analyzed. The analysis results in recommendations on the macroeconomic policies the new member countries should have implemented under global crisis condition in accordance with the peculiarities of their economies and their specific national priorities.