This is the reason why regular updates of studies on economic and social contexts of accession to and existence in the EU are necessary. The full version of the study prepared (393 pages) is divided into two basic sections. The first presents an analysis of the initial economic and social position of Slovakia at the current stage of the process of preparation for accession to the EU. The second, core section of the study provides a relatively comprehensive identification of specific benefits and risks related to Slovakia's accession to the EU. The study also includes this Summary, which synthesises the most important conclusions and formulates economic policy recommendations. It can be found in the submitted paper. The authors realise that the present study could not give exhaustive answers to all relevant questions and a number of issues remain open. In the next round of work, still prior to the expected date of accession to the EU, it will be necessary to not only update, but also improve and enhance the study as regards methodology and content. For this reason, we appreciate the comments from our opponents and the ideas brought forth at the seminar, which we have already applied in this version of the Summary. Slovakia's economic and social position on the EU's doorstep
Macroeconomic and institutional framework of accession to the EU

One of the fundamental (Copenhagen) criteria that must be met by countries integrating into the EU is the creation of a functioning market economy. The first sign of it is the achievement of lasting economic growth (GDP growth) at a level that confirms the country's sufficient competitiveness and ability to gradually eliminate its economic lagging behind the current EU member states (ability to deal with the convergence task). The economic convergence of Slovakia to the EU cannot be reduced to the extension of economic activities or production in their current form and at any rate. The decisive part of Slovakia's convergence task is to carry out qualitative changes in production and the structure of production of goods and services on the basis of structural changes in the systemic and institutional framework. Only then will it be possible to ensure that per capita GDP in Slovakia approaches that of the EU-15 at about the same pace as the economic performance of Western Europe approached the performance of the USA after World War II.

Developments in transition economies and their comparison with economic development in EU countries prove that steadiness of growth is an indispensable condition for ensuring permanent growth at a pace sufficient to resolve the convergence task. This in turn (as experience shows) is largely conditional upon maintaining the economy in a state of balance, which requires both responsible economic policy, and, in Slovakia and in other transition countries, in particular the full completion of reforms. By underlining the importance of maintaining macroeconomic stability for the achievement of a long-term high-rate economic growth (and thus the convergence of the Slovak economy to EU countries), the requirement of balance should not be made superior to the need to increase economic performance. Even more so if this involved achieving the balance at any cost, even at the cost of restricting development resources and results. The causality works in both directions in the relationship between stability and growth.