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 parties – the 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.