EU nudges western Balkans toward economic reform

EU nudges western Balkans toward economic reform

Improving the financial climate will attract investment, the Union said. In other business news: Bulgaria and Macedonia seek more funding for Corridor 8.

The EU believes that financial reforms will mean a better business climate and greater economic prosperity in the western Balkans. [AFP]

The EU urged western Balkan countries to proceed with economic reforms and improve their economic climate in order to attract more investments. Countries in the region will also be asked to draw up action plans on public financial management. The statement came during a European Bank for Reconstruction and Development conference attended by prime ministers of the region and potential investors in London.

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Greece posted its first current account surplus since official data began in 1948. According to Bank of Greece data in 2013 the country had a surplus of $1.65 billion due largely to a 15 percent hike in tourism and a slump in imports.

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A new Centre for Innovation, Entrepreneurship and Employment (KEA) opened in Cyprus to combat recession and unemployment. The centre's goal is to facilitate collaboration between business, the educational community and the public sector in order to deal with the effects of the economic recession.

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Bulgaria's and Macedonia's top diplomats sent a joint letter to EU Enlargement Commissioner Stefan Fule and Regional Policy Commissioner Johannes Hahn asking for more European funding for Transport Corridor 8. They sought the bloc's support for the construction of a high-speed rail that will connect Sofia and Skopje as part of the project.

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Serbia and Macedonia discussed ways to boost trade by...