Since May 1, 2004 the European Union's new member states (NMS) have been subject to the same fiscal rules established in the Treaty on the European Union and Stability and Growth Pact (SGP) as the old member states (OMS). The NMS entered the EU running structural fiscal deficits. More than half...

This paper summarizes the results of CASE's research project on 'Strategies for Joining the EMU' and proposes policy recommendations both for new member states (on how to manage their accession to the Eurozone) and for the European Commission, ECB and old member states (on how to manage and...

The present study presents the context of the enterprises and banks financial restructuring programme in Poland and its implementation in PBG S.A. The strategy of "bad debt" restructuring shown in this study stems from the macroeconomic climate in Poland at the beginning of the 1990s, existing...

Enterprises in post-communist economies have been subject to a wide range of shocks as the old economic order has been swept away. It has been claimed that among the most important of these shocks have been: elimination of soft budget constraints, foreign trade shocks, and over-devaluation. The...

At the point of introducing economic reforms in 1990 aimed at the transformation from a centrally planned to a market economy, Polish agriculture was in a different situation than other branches of the national economy. The paper provides an analyses of the economic transition experienced by the...

Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in...

The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be...

The authors of this paper try to analyze the similarities and differences in the starting conditions, adopted policies, and achieved results of the above three countries. The first part of the paper will be devoted to the initial conditions: the economic heritage of the FSU (especially of the...

The paper provides an analyses of the economic changes which occurred in the Czech Republic under transition. After providing an economic history of the transition period, the paper describes first the developments in the public finance sector (e.g.: public budget operations developments, public...

This paper explores the methods that the Ukrainian government (supported by international technical assistance providers) is developing to minimize the probability of a damaging, systemic banking crisis. The contention is that with highly lucrative existing sources of income for banks receding...