Migration has become a defining feature of Europe’s socio-economic landscape. This study aims to explore some of the multifaceted economic contributions of non-EU diasporas to European societies. The focus was put on how diaspora communities influence labor markets, entrepreneurship and economic growth. Case studies closely examining the Turkish diaspora in Germany and the Ukrainian diaspora in Poland were conducted, applying in-depth interviews and panel analysis as research methods. The main findings of the study indicate a positive relationship between the size of diasporic communities and economic performance in European societies. Close examination of the two of the largest EU-residing diasporas further demonstrate that these communities have developed distinct economic ecosystems, marked by entrepreneurship, labor participation, and transnational financial flows. Overall, the findings based on the two specific diasporas support the view that diasporas are active economic agents, not passive recipients of host country policy. 

Th e paper is focused on the future of the EU, the lessons learned from its own experience, and its role in the geographical area of Africa, Mediterranean, and Europe. Th e conceptual framework is based on the Th eory of Economic Integration, the Th eory of Optimum Currency Areas, the Th eory of European Monetary Unifi cation, and the Economic Integration in the developing countries. Th e paper illustrates EU’s rich experiences on issues such as legitimacy and security, monetary union, real convergence, social cohesion, and fiscal union. Additionally, the paper argues that one of the main strategies of the EU is the development of the so-called “vertical” dimension, to build a strong regional integration North-South to ensure greater security and economic development.