Western Balkans Vow Swift Reforms to Seize New EU Growth Plan
Leaders from Western Balkan nations pledged Thursday to accelerate regional cooperation to maximize benefits from a fresh European Union financial aid package. The plan, intended to pave the way for faster EU membership, offers a significant economic boost to the region.
The EU’s proposal outlines a 6 billion euro (€6 billion) investment over the next three years, aiming to double the Western Balkans’ economies within a decade and expedite their integration into the bloc. However, this aid hinges on crucial reforms to align the economies of these countries with EU regulations.
While welcoming the initiative, Balkan leaders acknowledge the challenges associated with the reform agenda. Albanian Prime Minister Edi Rama, who hosted the summit in Tirana, described the new plan as “a truly encouraging result” fostered by open dialogue.
“This innovative plan signifies not only the EU’s recognition of our decade-long efforts towards a unified future, but also presents a challenge for us to demonstrate our readiness for a shared European destiny,” Rama said in his opening remarks.
The six Western Balkan nations – Albania, Bosnia, Kosovo, Montenegro, North Macedonia, and Serbia – are at varying stages in their EU membership bids. Residents across the region have expressed frustration with the slow pace of accession, with Croatia being the last country to join the EU in 2013.
Oliver Varhelyi, the EU Enlargement Commissioner, emphasized the European Commission’s goal of halving the implementation timeframe for this “ambitious” plan. He revealed to reporters that Western Balkan countries agreed to undertake concrete steps this year, including the unification of their financial regulations. According to Rama, these new rules could lead to significant cost savings, potentially reaching €540 million ($540 million) annually due to currently high banking transaction fees within the region.
Furthermore, the six nations committed to harmonizing customs regulations and establishing joint border crossings, mirroring those implemented by existing EU member states. These measures aim to streamline economic activity and movement of goods within the region.
The willingness of Western Balkan leaders to expedite reforms signifies a renewed push towards EU membership. The success of this ambitious plan hinges on their ability to implement these changes effectively, paving the way for a more integrated and prosperous future within the European Union.pen_sparktunesharemore_vert
