LAUNCHING THE ‘THIRD TRACK’ OF EUROPEAN INTEGRATION: REASONS, DEVELOPMENTS AND CHALLENGES
Abstract. The article addresses the progress of the European integration in such fields as social, wage, insurance and fiscal policies. The author analyzes key stages of, and major factors contributing to, the advancement of policy coordination and building up common policies in the fields mentioned.
The author sees the integration these spheres as a ‘third track’ of the European integration, which follows the first two ones, i.e. the economic integration and launching the Common Foreign and Security Policy, and has the potential to become the next priority direction of the European integration process.
The article describes the phenomenon of the ‘third track’ of the European integration and assesses major risks and challenges that may arise in the context of the further progress of the integration effort in this field. Three scenarios of the latter bearing on its eventual implications for Europe are presented, along with a consideration of implications for Ukraine in terms of this country’s aspirations for EU membership.
Key words: EU, integration, common policy, ‘third track’, economy.