The paper analyses the role of currency convertibility in the process of economic transition in Eastern Europe and discusses alternative institutional options for achieving this difficult task. It shows that an early transition to convertibility is an indispensable requirement for the success of...

The paper examines the integration strategy laid down in the Delors Committee Report. It focuses on two issues: Is a comprehensive conceptual framework for monetary coordination in Europe needed already in Stage One, and how could it be designed? What is the rationale for a training period for...