American economist Nouriel Roubini told N1 on Friday that membership in the European Union is Serbia’s economic opportunity but that it has fallen victim to the slow decision process in the EU.
He said the EU faces a dilemma because it wants a bigger Europe but the EU’s internal structures are divided on expansion and that has caused tension. There is a debate within the Union about how far the expansion should go and how fast and the countries of the region fall victim to the slow decision making process, Roubini added.
Commenting Serbia’s economic growth, he said that higher growth rates require the opening of the economy to bring in direct foreign investments. He said the country has to invest in people through an adequate education policy and warned that investors across the world worry about rule of law, the strength of state institutions and corruption. This region has advanced but needs to do a lot more, he said.
If you integrate fully with Europe you will be better off than going it alone or with regions that are not developing quickly, Roubini said.