Grouping of the Member States of the European Union According to Economic Variables – Focus on Central and Eastern Europe

Abstract

In our study, we analyse the economic homogeneity of the Central and Eastern European countries, especially the  Visegrád countries, in the EU28 economic space on the  basis of 6 economic variables, with the help of cluster  analysis. We examine how the stability of clusters in Central and Eastern European countries has changed since 2004. How the relative position of the countries in the region has  changed and whether joining the euro area may be a good  indicator of economic catch up. Based on our results, the Visegrád countries were not included in the same cluster at  any time, interestingly; in many respects the Czech Republic already has the economic characteristics of the core  countries. Accession to the euro area was not decisive either, the states joining the zone continued to be in a  cluster with the states of the region.