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Participants in a conference devoted to the Western Balkans stressed that, along with direct aid from the EU, the above mentioned is an crucial to the region's recovery from the economic crisis and of swifter economic and social development.

For that reason, the European Commission and three leading European banks in Brussels signed a deal on creating a fund of EUR2.2 billion as backup for regional cross-border projects.

This is meant to eliminate the remaining obstacles to the full activity of the Central European Free Trade Agreement zone and boost economic growth, exports and imports, and attract investment.

Carl Bildt, the foreign minister of the current EU presiding country Sweden, told participants of the conference, dubbed "Overcoming the Economic Crisis Through Regional Cooperation Leading to EU Membership", that the creation of a major energy and transportation network in the Western Balkans is an important precondition for progress.

Bildt noted that success has been registered in the region's stabilization and association with the EU, adding that the process will be a long and arduous one.

The minister also said that history has created a great deal of diversity between the countries and peoples of the region, but stressed that should be seen as a source of skills.

Bildt and other EU representatives heavily underlined the necessity of overcoming bilateral disputes in the region and said those issues could pose an obstacle to both regional cooperation and further association with the EU.

Swedish Foreign Minister Carl Bildt and EU Enlargement Commissioner Olli Rehn added there should be no break in EU enlargement, since Croatia and Iceland are to become members soon.

Bildt and Rehn also stressed that each Western Balkan state should join according to its own merit, meaning when it meets all the requirements.

"Each step at the right time. Yesterday we put into effect the trade part of the agreement with Serbia and subsequent steps will be discussed," Bildt explained, adding that he will not discuss the matter for the time being.

"Serbia is obviously well prepared," said Bildt and added that he believes that Serbia can progress toward EU membership faster than other Western Balkan states that might need more time and effort.

Asked whether he thinks Belgrade will apply for EU membership soon, Rehn replied that "it is important to continue achieving results in the implementation of the trade agreement."

The commissioner pointed out that Serbia is already unilaterally implementing the trade deal and that it is "going smoothly and consistently," adding that those results "will be of key importance when the European Commission assesses Serbia's readiness to become a membership candidate and start membership talks."