Post by paja on Jun 30, 2011 13:03:09 GMT -5
Croatia wrapped up European Union entry talks, passing a milestone on its route from the ruins of Yugoslavia to the club of advanced western economies.
The country today completed negotiations on the final four of 35 EU policy areas and set a target of becoming the bloc’s 28th member in the middle of 2013.
Its acceptance into the EU came 20 years and five days after it broke away from Yugoslavia, at the start of a decade of civil wars whose legacy continues to hobble the economy of southeastern Europe.
“Croatia’s accession will give a powerful signal to the peoples of the western Balkans,” EU Enlargement Commissioner Stefan Fule told reporters in Brussels. “Provided that conditions are met, the door to the European Union is open.”
Slovenia, which declared independence the same day, is the only ex-Yugoslav republic in the bloc. Serbia, the region’s largest country, trails the rest in embracing the EU after a decade of postwar isolation.
Progress toward the EU has lifted Croatia’s benchmark Crobex stock index by 5.7 percent this year. Ten-year Croatian bonds yield 5.85 percent, on a par with Poland and only 40 basis points more than Spanish bonds.
The final round of talks required Croatia to show it is ready to uphold EU standards for fighting corruption, maintaining an independent justice system and policing monopoly behavior on the free market.
“Because of the talks, Croatia is today a better place for all its citizens,” Foreign Minister Goran Jandrokovic said. “The reforms are irreversible, and the efforts cannot be turned back.”
Next Step
The next step is the signing of the entry treaty in December, followed by parliamentary ratification in Croatia and all 27 EU countries. A single veto would derail membership.
Croatia will be able to tap almost 700 million euros ($1 billion) of European infrastructure and farm aid in the second half of 2013, with bigger subsidies coming later.
Under pressure from the Netherlands, the EU reserved the right to postpone the entry date in the event that Croatia slips up in enforcing EU rules, especially on corruption.
EU officials are watching the case of former Prime Minister Ivo Sanader, now awaiting extradition from Austria on suspicion of abuse of power.
Croatia must deliver “a sustained track record of substantial results based on efficient, effective and unbiased investigation, prosecution and court rulings in organized crime and corruption cases at all levels,” according to a draft EU statement.
The country today completed negotiations on the final four of 35 EU policy areas and set a target of becoming the bloc’s 28th member in the middle of 2013.
Its acceptance into the EU came 20 years and five days after it broke away from Yugoslavia, at the start of a decade of civil wars whose legacy continues to hobble the economy of southeastern Europe.
“Croatia’s accession will give a powerful signal to the peoples of the western Balkans,” EU Enlargement Commissioner Stefan Fule told reporters in Brussels. “Provided that conditions are met, the door to the European Union is open.”
Slovenia, which declared independence the same day, is the only ex-Yugoslav republic in the bloc. Serbia, the region’s largest country, trails the rest in embracing the EU after a decade of postwar isolation.
Progress toward the EU has lifted Croatia’s benchmark Crobex stock index by 5.7 percent this year. Ten-year Croatian bonds yield 5.85 percent, on a par with Poland and only 40 basis points more than Spanish bonds.
The final round of talks required Croatia to show it is ready to uphold EU standards for fighting corruption, maintaining an independent justice system and policing monopoly behavior on the free market.
“Because of the talks, Croatia is today a better place for all its citizens,” Foreign Minister Goran Jandrokovic said. “The reforms are irreversible, and the efforts cannot be turned back.”
Next Step
The next step is the signing of the entry treaty in December, followed by parliamentary ratification in Croatia and all 27 EU countries. A single veto would derail membership.
Croatia will be able to tap almost 700 million euros ($1 billion) of European infrastructure and farm aid in the second half of 2013, with bigger subsidies coming later.
Under pressure from the Netherlands, the EU reserved the right to postpone the entry date in the event that Croatia slips up in enforcing EU rules, especially on corruption.
EU officials are watching the case of former Prime Minister Ivo Sanader, now awaiting extradition from Austria on suspicion of abuse of power.
Croatia must deliver “a sustained track record of substantial results based on efficient, effective and unbiased investigation, prosecution and court rulings in organized crime and corruption cases at all levels,” according to a draft EU statement.