Two rounds of EU eastern enlargement will pose difficult economic and political adjustment problems. Based on recent analysis one also finds many opportunities for both the EU-15 and the accession countries which, however, face the negative spillovers from the Russian transition crisis. The...

While international capital flows are rising, the role of banks in the economy is changing and stock markets in OECD and eastern European countries play an increasing role for financing investment and innovation. Economic catching up of eastern Europe, European Monetary Union and problems of...