Paper discusses reform process in the Czech Republic (and former Czechoslovakia), which after some preparations in 1990 … started in 1991 has been implemented along two major reform lines: - microeconomic restructuring including privatization … privatization representing the property of more than USD 7 bn (in book value). A number of other firms have been privatized using …

, Czechoslovakia, Bulgaria and Romania. These comprise the initial price-overshooting and the output collapse, fiscal sustainability as … privatization programs. Substantial success, in varying degrees, has been achieved in the initial macro-stabilization and opening …