An overview of external imbalances in the Western Balkan Countries

The Western Balkan countries have undergone dramatic economic transformations since the beginning of the 21st century. However, in spite of a complicated reform process launched after the political and economic instability of 1990s, the countries still lag way behind EU member states. What makes it so difficult for them to catch up with more developed economies of the continent? Cigdem Borke Tunali provides an analysis from an economic standpoint.