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This highly topical book addresses the challenge of economic
convergence within Europe, beginning with a thorough review of the
theory of growth and related empirical research. Historical and
more recent economic developments within the present EU and current
accession countries are discussed, along with the design for the
process of further integration of accession countries into the EU
and the Euro area. Moreover, the potential to achieve a sustainable
catch-up process in Western Balkan countries, the Ukraine and
Russia is explored, focusing on the task facing the EU in designing
proper policies vis-a-vis these countries. The contributors' varied
perspectives ensure that the theories and policies postulated are
linked closely with the actual situation in accession countries and
offer up-to-date insights. Economic Convergence and Divergence in
Europe will be of interest to economists and researchers of
regional and European studies, particularly those with a focus on
integration. Its accessible and non-technical approach assures its
appeal to experts from the banking and governmental sectors.
Recalling the Lisbon strategy defining structural reform in the EU,
and stressing the need to integrate the acceding countries in the
reform process, this book argues that meeting the ambitious
challenges set is not impossible. It scrutinises both reforms
already undertaken and those yet to be tackled. The main thrust of
the book is that the sharing of mutual experiences is important for
generating an acceptable policy mix, both at EU and national
levels. The contributors highlight key financial issues, including
the role of FDI and of foreign banks in the still 'under-banked'
acceding countries, the re-launch of social security systems and
the fiscal challenges of financing the catch-up process. They also
examine the ongoing EU debate surrounding the application of the
Stability and Growth Pact in Central and Eastern European Countries
(CEECs) and go on to explore the contrasting evidence that some
CEECs have shown more extensive privatisation efforts than some EU
countries. Linking general theory and empirical research with
practical evidence from EU and acceding countries, this accessible
volume will be invaluable to a wide-ranging readership,
encompassing economists and specialists - whether academic or
professional - in the fields of CEECs and European integration and
enlargement, as well as governments, banks and international
organisations.
"Completing Transition: The Main Challenges" was the topic around
which the Oesterreichische Nationalbank and the Joint Vienna
Institute organized a high-level conference in 2000, in a
continuation of long-standing efforts to promote the dialogue and
understanding between various regions in Europe. Given the
heterogeneity of the transition countries of Central and Eastern
Europe and the heterogeneity of progress toward convergence, the
outlook for finishing transition is divergent. However, what will
generally be important is corporate governance and institutional
reform to sufficiently underpin macroeconomic success, plus a
definite commitment of the responsible institutions in the
transition countries to follow the chosen policies consistently.
"Completing Transition: The Main Challenges" was the topic around which the Oesterreichische Nationalbank and the Joint Vienna Institute organized a high-level conference in 2000, in a continuation of long-standing efforts to promote the dialogue and understanding between various regions in Europe. Given the heterogeneity of the transition countries of Central and Eastern Europe and the heterogeneity of progress toward convergence, the outlook for finishing transition is divergent. However, what will generally be important is corporate governance and institutional reform to sufficiently underpin macroeconomic success, plus a definite commitment of the responsible institutions in the transition countries to follow the chosen policies consistently.
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