The countries of Eastern Europe need to raise considerable finance not only in order to improve their balances of payments but also to adjust the structure of their economies over the long term to changed internal and external conditions. The adjustment measures require capital, but the Eastern...

Countries in acute payments difficulties generally seek the support of the International Monetary Fund. IMF credits are granted subject to compliance with economic conditions that have repeatedly given cause for criticism. The two articles that follow, by Jörn Altmann and Joachim Betz, examine...

The classical approach towards adjustment has proved to have considerable shortcomings, particularly in connection with supply response issues and the conditions for re-establishing sustainable growth. The following article concludes that sustainable stabilisation and adjustment require a...