This paper is part of the PHARE-ACE research project (No 96-6009-R), entitled: "The Future of Banking Supervision and Regulation in selected transitional economies in relation to European Monetary Union". The working paper examines how different CEECs (Slovenia, Hungary, Czech Republic) are...

A commonly held assumption in the transition literature suggests that earlier successes with reforms in Central and East European countries would serve as an asset when the regime changed. Taking Hungary as a case in point, the author revisits the legacies from pre-transition period, calling for...