Implications for Economic Security of the Three Seas Initiative Countries Resulting from Membership in the International Monetary Fund

Abstract

Purpose: The paper aims to present the results of the studies on the impact associated with the membership of the Three Seas Initiative (3SI) countries in the International Monetary Fund (IMF) on their economic security, especially in financial terms. Design/Methodology/Approach: The Three Seas Initiative was established in 2016 and is just developing its identity. Its future and possibilities of achieving set objectives will significantly depend on the economic capacity of countries, their stability and economic development, and their financial security. The IMF acts to benefit its members' financial security, especially in crises, in various manners. Countries can extend possibilities of obtaining resources by increasing their participation in the organization's decision-making process, and it depends on their financial capacity and decisions made by the country authorities. The research methods used herein primarily comprise the analysis of the IMF's documents and the 3SI and analyze statistical data. Findings: The 3SI countries do not have a strong position in the IMF, and stronger possibilities of influencing this institution's policy exist solely due to the countries' membership in the European Union. The IMF engaged financially in the region to a minimal extent since the countries' security was basically ensured. However, it was active by providing support in counseling, technical assistance, and participation in country authorities' reforms. Practical implications: The paper presents possibilities of cooperation of both partiesthe 3SI countries and the IMF in economic security, both in the times of stable economic situation and in economic crises such as e.g., resulting from the global pandemic SARS-CoV-2. Originality/value: Original research.

Geoeconomic Leaders Among the Three Seas Initiative Countries. Part 2: Research Results

“…The initiative is intended to promote economic and infrastructural cooperation mainly in the fields of energy, transport, and digital communication in Central and Eastern Europe along the North-South axis, in order to create an investment climate for projects through exchange of knowledge, to stimulate business initiatives, especially in high-potential areas, e.g. small and medium enterprises, start-ups, and business incubators, through organization of a Business Forum accompanying the official summits (Gębska, 2021;Wiśniewski, 2017;Lewandowski, 2017;President, 2016).…”

Implications for Economic Security of the Three Seas Initiative Countries Resulting from Membership in the World Bank

“…Amounts paid by the member countries to IBRD and IDA depends on the membership period and the decision of the state authorities on the level of involvement in the institution's activities, as in the case of the International Monetary Fund membership. By IMF analogy (Gębska, 2021), the amount of funds paid to IBRD and IDA directly affects:…”

“…During previous summits in , in Dubrovnik, in 2017, in Warsaw, in 2018, in Bucharest, and 2019, in Slovenia, the objectives, framework, and forms of cooperation were clearly defined. The initiative is to support economic and infrastructural cooperation mainly in the scope of energy, transport, and digital communication in Central and Eastern Europe on the North-South axis, create an investment climate for projects by exchanging knowledge, stimulating business initiatives especially in the areas of high potential, e.g., small-and medium-sized enterprises, start-ups and business incubators due to the organisation of the Business Forum accompanying official summits (Gębska, 2021;Lewandowski, 2017;Prezydent, 2016;Prezydent, 2018;Wiśniewski, 2017). The countries resolved that the 3SI format would be better to achieve their particular, bilateral and regional economic and political goals (Vareikis, 2018;Zbińkowski, 2019;Ene, 2017).…”