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The collapse of the system of Bretton Woods pushed Tunisia adopted various policies of exchange to avoid imbalances of the balance of payments. Since, this country aimed to maintain or to improve its external competitiveness in order to balance its current account through the promotion of exports, this contribute to start again the economic growth. By specifying an equation of economic growth of Tunisia, it’s showed that the real effective exchange rate misalignment, indicator of external competitiveness, has negative effect on the economic growth. The fall of real effective exchange rate misalignment, these last years, then explained partly the stabilization of the growth rate of this country can especially since 2001 when the Tunisia softened its policy of exchange rate. A flexible policy of exchange is then desirable to start again the economic growth.

As the EU expands, the focus is on the Western Balkans region1, which is rich with opportunity and potential. It is experiencing significant improvements in terms of reforms, economic growth and foreign direct investment (FDI). Developing economies such as those in the Western Balkans are particularly dynamic, which can mean rapidly changing costs and conditions for investors. The region has made strong progress, outpacing Central Europe in economic growth with an average gross domestic product (GDP) increase, these latest years. For the next several years, the markedly strong economic development is expected to continue in Western Balkans. Inflation has largely been kept under control, and is expected to decline further in the near future. The Western Balkans are improving risk profile and economic outlook are also validated by the international credit ratings. As unemployment (in almost all Western Balkans countries) is still high, sustainable economic growth (Redzepagic and Llorca 2007) and job creation are the major challenges the region faces. It is important to mention, for example, that the FDI into the region was 3.4 billion of euros in 2005, but also the cumulative FDI inflow in the region was near 15 billion of euros for the five-year period of 2001-2005 (Redžepagić and Richet 2008). As the countries of the region rarely invested abroad, net FDI inflows also played a key role in financing foreign trade imbalances that stem from ongoing structural reforms and significant investment demand in the transition to free markets.

After the collapse of Communism in 1990, the European Union (EU) has immediately sustained in the process of democratization in the ex-communists countries, and has provided necessary technical and financial assistance in order to place a market economy. The enlargement was (and always is) the most significant and the most ambitious European project since the signature of the Treaty of Rome: it reconciles one of the economic projects of the united Europe with geo-strategic vision of the European continent, which will allow the important position of the EU in the World. The 1st May 2004 the EU has passed to the twenty-five member countries, with accession of ten New Member States (NMS). The process of enlargement has continued on January the 1st, 2007 by accessing to the EU of Bulgaria and Romania. The Single Market”, Economic and Monetary Union (EMU) and the process of integration are the major points of the Europe of twenty-seven member countries. The process of preparation of accession to the EU, has announced the preparation in the Central and East European Countries (CEEC) from the 1989, and it marked some difficulties for the CEEC – on the level of political integration but also economic and social. The present article show us, also, the importance of the introduction of the euro – which present the very important phase in the evolution of the EU, and the biggest monetary changement in the history of Europe…We consider euro as the concretization of the EU. It represents the success of the “Single Market” and contributes to the economic stability of the EU. Also, it is important to know that the euros play his important role to the politic and economic fields. The New Member States (NMS) are engaged to enter to the EMU in his future. For the success of their entrance to the EMU, the NMS have to align their economies with these of the old member states of the EU. This economic alignment, so called “convergence”, constitutes the supplementary phase on their aim toward European integration. The latest enlargements represent the most important moments in the history of the European continent. Today, the question is also the integration of the Balkan countries to the EU and their future toward European integration.