Fondovi Evropske Unije kao faktor održivog razvoja u zemljama Centralne i Istočne Evrope
European Funds As Fact Of Sustainable Development In Central Eastern European Countries

Summary/Abstract: In this paper Pearson correlation coefficient method was performed to test the hypothesis whether the use of European funds as a form of foreign aid supports the development of countries, based on sustainability as a tool which meets human needs while the environment is preserved. The results obtained show that the application of European funds as participation in a country’s economy does not support its sustainable development as expected. Some of the possible reasons for these findings are discussed in the paper. This paper brings its contributions to the literature by presenting the first empirical indications of the negative relationship between the actual level of EU funds exploitation and the Happy Planet Index (HPI). HPI is considered as an appropriate index that measures the success of the use of funding, observed from the aspect of sustainable development for the future.

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