| Abstract [eng] |
The Development of the Economic and Monetary Union and the Outcome for Lithuania SUMMARY 70 pages, 11 tables, 16 pictures, 84 literature references. The main objective of this thesis is to perform the analysis of the economic and social changes in Lithuania during the period of the membership in the European economic and monetary union, as well as to investigate and compare the level of the economic development of Lithuania and the Czech Republic and compare social indicators of these two states. The thesis consists of two main chapters: analysis of literature, research objective, researches and their results. The conclusions and proposals are submitted. The historical pattern is addressed, the concept of economic integration and its stages are analysed, the concept of the monetary union and its tiers are discussed, the analysis of the globally operating economic and monetary unions is performed and their characteristics are discussed and the separate analysis of the EU economic and monetary union is provided in the scientific literature analysis section. Following the review of scientific literature the author of this thesis investigates the influence of the European economic and monetary union on the economic and social changes in Lithuania. The research is performed by breaking it down into three periods: the period prior to the membership (2000-2004), the period of the membership in the EU (2005-2014) and the period of the membership in the euro area (2015-2018). The economic development index of Lithuania and the Czech Republic is also measured and compared, and the social indicators of these countries are analysed separately. The analysis of Lithuania‘s economic indicators disclosed that after Lithuania became the member of the EU the increase in the growth rate of the GDP and foreign direct investment (FDI) and export to other EU countries is observed. However after Lithuania became the member of the euro area the decrease in the growth rate of both the GDP and FDI is observed, and the support of the European Union, which accounts for approximately one fifth of Lithuania‘s fiscal revenues, also assisted the promotion of the economic growth of the country. The analysis social indicators disclosed that after Lithuania became the member of the EU and the member of the euro area the average wage has been steadily increasing, however it must be noted that significantly increased emigration flows, which address unemployment issues in the short term, and in case of the shortage of staff in the local market increase wages for the ones remaining in the country, could have also had a significant impact on its growth, however, in the long term, the negative net migration leads to demographic and social problems. The analysis of income inequalities has also disclosed that there are substantial income disparities in Lithuania. Lithuania‘s becoming the member of the EU and the country of the euro area failed to reduce income disparities and becoming the member of the euro area even accelerated its increase. The calculations of the economic development index indicate that this increase was more accelerated in Lithuania than in the Czech Republic, however the analysis of the social indicators – net migration and income disparities – disclosed that Lithuania, contrary to the Czech Republic, faces negative migration and essential inequalities in income disparities. Conclusions and proposals, which describe the results of the literature analysis and researches, are submitted at the end of the thesis. The author of this thesis considers that the results of the study may be beneficial to the government in adjusting the conducted economic and social policy in the context of Lithuania‘s membership in the European economic and monetary union. |
