This paper discusses the global financial crisis of 2008/9 in thirteen countries, the ten new EU members that previously were communist and the three countries of Western former Soviet Union. Their problems were excessive current account deficits and private foreign debt, currency mismatches,...

This paper discusses why Greece has done so poorly in comparison with all other European Union countries since the onslaught of the global financial crisis in 2008. To show what was wrong with its fiscal adjustment, this paper compares Greece with the other European Union country that was hit be...

The Russian invasion of Ukraine has driven many people from their homes. Most of them are now seeking refuge in Europe. Fortunately, EU member states have learned from previous refugee crises: this time, they are willingly accepting people. For the first time, the EU has granted temporary...

The Ukrainian state budget needs about $3.5 billion a month to keep afloat in 2023. The main donors must be the United States and the European Union. Three key tasks need to be combined: reconstruction, EU accession, and completion of systemic reforms. The collective West needs to set up a joint...

Thirty years after the collapse of the Soviet Union, it is rather clear what transition policies have worked. Almost all the post-communist countries have become market economies and have achieved macroeconomic stability. Privatization was economically necessary, and its economic outcomes have...