This paper discusses the eastward enlargement process of the EU in the framework of a simple war of attrition … bargaining game. Both players - the existing EU members and the applicants - benefit from enlargement, yet for the applicants … reform to the acquis is costly, while the EU prefers substantially reformed candidates. A waiting game unfolds. Within this …

We compare the convergence with German monetary policy of the Balkan and Mediterranean country candidates for EU … membership with that of countries that have recently joined the EU. Significant linkages exist between German base money stock … and that of recent members of the EU; the same holds true for some of the Mediterranean region candidates for EU …