The economic prospectus of the Western Balkans region

The second wave of global financial crisis is under way. It has hit the European Union (EU) most severely, threatening with a collapse of the Eurozone and the euro as common European currency. Such outcome would probably put an end to the European integration as we know it and trigger a chain of events in world politics and economy. As sovereign debt crisis has culminated in the Eurozone, the effects have spread through the countries of the Balkan region. The Western Balkan region has a population of less than 20 million people and a relatively low level of economic development. The Western Balkan countries have a long and intertwined history. The aim of this paper is to provide the analysis of current macroeconomic overview of Western Balkan countries as well as their progress in the process of EU integration.