Capital markets have undergone massive changes in the past decade; in Western Europe but of course more fundamentally in the Central and Eastern European Countries (CEEC). The euro has fostered the transformation of financial systems toward a more market based approach. Its impact in Eastern Europe...

Once part of the European Union no "opt-out" means, for CEE applicant countries, that they will have to become members of the Eurozone as soon as they fulfil the Maastricht criteria. However, compliance with the Stability and Growth Pact and aiming at nominal and real convergence imply efforts...