For the new member states of the EU, the question of choosing the optimal macroeconomic policy mix is rather complicated as these countries are all in the dynamic movement towards joining the European Economic and Monetary Union (EMU). This implies a considerable change in macroeconomic policy...

Turkey is at a crossroads. After hitting the most severe crisis of its recent history in 2000-2001, the economy bounced back and is now among the fastest growing economies in the OECD. A new institutional framework for monetary and fiscal policies as well as for product, labour and financial...

Turkey is at a crossroads. After hitting the most severe crisis of its recent history in 2000-2001, the economy bounced back and is now among the fastest growing economies in the OECD. A new institutional framework for monetary and fiscal policies as well as for product, labour and financial...

Following accession to the European Union the big issue for the Czech Republic is to strengthen growth prospects. Growth potential at present is somewhat above 3%, implying a moderate pace of catch-up to living standards in the EU and elsewhere. There is room for greater ambition in growth...

Following accession to the European Union the big issue for the Czech Republic is to strengthen growth prospects. Growth potential at present is somewhat above 3%, implying a moderate pace of catch-up to living standards in the EU and elsewhere. There is room for greater ambition in growth...

The aim of this paper is to study the fundamental macroeconomic determinants of both the CPI and the PPI-based real effective exchange rate in 5 selected acceding countries from central and eastern Europe, i.e. the Czech Republic, Hungary, Poland, Slovakia and Slovenia. The paper is based on the...

The new member states should not expect EU money to lead to miracles. The most important ingredients of catch-up growth are a stable macroeconomic framework; supply-side policies that help markets to adjust quickly; and a well-trained, flexible workforce. EU aid will only make a positive...