The Nordic-Baltic region: European integration and security concerns

• Main Author: Hilmar Þór HILMARSSON
• Format: Article in Journal/Newspaper
• Language: English
• Published: General Association of Economists from Romania 2019
• Subjects: european integration; small states; regional cooperation; nordic countries; baltic states; Business; HF5001-6182; Economic theory. Demography; HB1-3840; Economics as a science; HB71-74; Norway; Iceland
• Online Access: https://doaj.org/article/006eec121c0f4dcfbce0a3181c9f0570

The five Nordic countries and the three Baltic States are closely interlinked via trade, investment, mobility of people, and banking. Because of this integration, as well political, cultural and historical ties, they are sometimes referred to as the Nordic-Baltic region or simply the Nordic-Baltic countries. All the countries in this group have pursued some form of integration with the European Union (EU), four of them are members of the euro area, and all of them are Schengen member states. But can these small countries as a group cooperate more closely and perhaps exercise more collective authority in Europe? The Nordic countries and the Baltic States have cooperated successfully in the Bretton Woods institutions, the World Bank and the IMF, and six of them are among European NATO member states. But when it comes to European integration the lack of common approach complicates their cooperation. Within this group of countries there are hardcore EU and euro area member states (the Baltics and Finland), EU members (Denmark and Sweden) and EU outsiders (Iceland and Norway). Common pathways for the future cooperation in Europe may be hard to find.