Economic Recovery through the EU Accession Process

Paradoxically, when the EC underwent its greatest transformation since the original Treaty of Rome, emerging as EU, the Socialist Yugoslavia was in a process of defragmenting although it was the first socialist country to conclude agreement relation with the EU and therefore the process of EU integration in the region has commenced comparatively later then in the other societies of former socialists block. Contemporary, the EU Accession in the WB is seen as a module to create sustainable development framework and stability in terms of economic prosperity. However, due to the various reasons from both political and economic spectrum, EU integration progress is not followed with the same level of achievement in economic development and WB societies are still struggling with high level of corruption, low level of GDP growth, financial instability, huge level of trade deficit and lack of the economic perspective. In this paper we will focus on Serbia and Kosovo, and EU accession of both societies as a chance for economic recovery or lost opportunity for economic development. Serbia and Kosovo were part of the SFRY and share many economic similarities.