As Moldova declared European integration to be a top priority on its policy agenda, objective analysis of advantages, disadvantages and reserves of this process is very important. However, misconceptions about the macroeconomic effects of European integration persist among the media and general public. This paper addresses three wide-spread assumptions that don’t seem to agree with factual data: the impact of EU enlargement on economic growth, consumer prices and labour markets of the new member states. [3] Assumption 1. “Economic growth in the CIS is generally higher than in the new EU members from CEE.”This statement seems true when looking at the GDP (current prices) growth rate in the past few years. But the more objective indicator of economic development – GDP PPP per capita dynamics – shows retention and even widening of the gap between the more developed CEE and less developed CIS countries in the near future. This gap is explained by significant decline in the CIS in the 90s, while the CEE countries associated with the EU maintained economic stability and moderate growth. Assumption 2. “Joining the EU causes sharp increase of inflation due to convergence with the EU prices” On the contrary, CEE showed much greater success in containing post-shock hyperinflation in the 90s [4], and since the first phase of EU eastward enlargement in 2004 CEE registered a level of inflation almost twice lower than the CIS average. Moreover, in 2004-2007 the rate of economic growth in the CEE was slightly higher that inflation rate, while the CIS registered an inverse situation during the whole transition period (1990-2007) Assumption 3. “EU enlargement caused significant emigration and labour loss for the new member states” National Bank of Austria performed a study [5] of CEE migration trends in the pre-accession (2001-2003) and post-accession (2004-2006) period, disproving that assumption. It shows that after the enlargement net migration (immigration emigration) was positive or very slightly negative in all studied countries, a big progress compared to the previous period. This might be explained by the work permit requirement in some EU countries and by rising immigration from non-EU states due to higher attractiveness of the labour market. For contrast, net migration rate in Moldova has been and remains a significant negative figure.