The EU growth potential and offsetting Brexit. Is accession of Ukraine a suitable option?

Abstract

The development of the European economy in the 21st century will be determined by many exogenous and endogenous factors. Most of the EU countries are highly competitive and have good indicators of innovative development of their economies. These are the necessary conditions for the implementation of the «Europe 2020» strategy based on the knowledge economy, innovation and sustainable development. The EU leadership in global economy has been weakened by internal economic crisis, exit of the United Kingdom from the EU, refugee crisis and Russian expansionist policy and annexation of the Crimea. The EU leadership is to be secured in the coming years by deepening political union (common fiscal policy, euro-army, coast guard, Europol, common foreign policy, direct election of the President of European consul and the Commission), cohesion policy and strong development policy, creation of new EU funding programs for the member and candidate countries, enlargement with the accession of new member countries from the Western Balkans, Ukraine, Moldova and Georgia, Iceland and others countries.