Abstract (may include machine translation)
Eastern members of the European Union have turned to development banks only to a limited extent so far. In this chapter, in order to understand why the “development imagination” of Eastern governments remained restricted, we look at the underlying logics of the national development finance fields. Through the case studies of Hungary and Poland, we uncover marked contradictions within the fields. Initially, development finance was torn between the contradictory logics of neoliberalism and developmentalism, followed by institution-building efforts from the EU that resulted in functioning development banks designed primarily for the EU’s Single Market. Finally, when financial nationalist and authoritarian political parties came to power, development banks came under firm political control, while new development actors appeared. Development banks in Hungary and Poland also exhibit differences in size, structure, and focus that we trace over time. In the end, we argue that today Eastern development banks’ ability to connect, contribute, and benefit from EU structures shows a marked difference from core Member States, one which calls for change in the EU development institutions and policies.
Original language | English |
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Title of host publication | The Reinvention of Development Banking in the European Union |
Subtitle of host publication | Industrial Policy in the Single Market and the Emergence of a Field |
Publisher | Oxford University Press |
Pages | 224-252 |
Number of pages | 29 |
ISBN (Electronic) | 9780198859703 |
DOIs | |
State | Published - 18 Mar 2021 |
Keywords
- Development banks
- Development finance
- Eastern-central europe
- European integration
- Hungary
- Poland