What are the prospects for New Member States to join the euro-zone in the not too distant future? They seem to be in a catch-22 situation. Because of the current financial crisis some Maastricht criteria it would be more difficult to fulfill in the short and medium term, which would make it hard...

Facing major external and internal challenges (climate change, redistribution of power in the world economy, increased EU complexity following the Eastern enlargement etc), the European Union needs to overhaul its budget, observing some basic principles such as: solidarity, interdependence of...

This paper looks at the dynamics of (dis)equilibria during post-command transition. It tries to define an optimal mix between external and internal disequilibrium and to apply this concept to the analysis of the Romanian economy. The forced adjustment of the balance of payments in the 1980s is...

Intro -- Table of Contents -- Foreword -- Acknowledgements -- Introduction. Return to Common Sense -- Chapter 1. Institutional and Policy Diversity as an Engine of Economic Development -- I. What Influences Institutional and Policy Diversity? -- II. An Historical Perspective -- III. Examining...

Euro area (EA) accession should mainly depend on the achievement of a critical mass of real and structural convergence, which should diminish the risks to operate in an incomplete monetary union. Accession would also be enhanced by reforms in the functioning of euro area institutions and...

Why have our societies become so deeply divided, which is inimical to democracy? How do growing distributional conflicts impact governance structures? Why does fake news take often precedence over truth? What should be done to avert that the rule of law is undermined by the rule of the mob? It...

This study analyzes the main requirements placed on Central and Eastern Europe's financial systems during their transition to a market economy. It assesses the financial reforms already carried out in the countries of Central Europe, their adaptations of Western institutional models, and the...