The European Union Strategy for the Baltic Sea Region, that celebrates this year in Gdańsk its tenth anniversary, has been considered by many scholars and the decision makers as the model example of the soft governance that has gained in importance in the enlarged European Union (EU). The paper analyses the achievements and shortcomings of the Strategy from economic perspective with focus on externalities, public goods (also club goods, common-pool resources), economies of scale and scope and transaction costs. Two cases: Single Market for services and innovation spillovers are discussed more in depth. The analysis of these challenges and opportunities as well as the performance of the Strategy in the past and comparative analysis of its various evaluations allow authors to formulate several assumptions that should save the Strategy for the future. Their essence is related to mainstreaming of the Strategy into the EU and national policies (ensuring its stronger policy impact), strengthening strategic, visionary approach of the Strategy (e.g. facilitating large Baltic projects), better alignment with the business sector activities (understanding and addressing this sector expectations towards macro-regional co-operation) and acknowledgement of macro-regional solidarity as a foundation of the common efforts. Without all these, the Strategy might follow the case of the Baltic Development Forum that ceased to exist despite its evident positive effects for the entire region. Soft governance is difficult but promising as an alternative to the overgrowing sentiments towards centralisation. Thus, to avoid the impression of the “Titanic ball” Gdańsk celebrations should provide a new start instead of the business as usual and manifestation of shallow self-satisfaction.
Recent multiyear trends in the Baltic Sea level**This work was supported through the SatBałtyk project funded by the European Union through the European Regional Development Fusnd, (contract No. POIG.01.01.02-22-011/09 entitled ‘The Satellite Monitoring of the Baltic Sea Environment’).