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This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities. The expert contributions frame the discussion on balanced growth in Europe, deal with the legacy of the old growth model (such as managing disrupted capital flows and deleveraging), and provide insights from the growth strategies of Russia and Turkey as well as the adjustment process of successful small CESEE countries. They focus on providing a multi-disciplinary assessment, combining the views of policy-makers and academics with those of central and commercial bankers. This book will prove a thought-provoking read for academics, researchers and students in the fields of economics - particularly international economics - and finance, money and banking. Policy-makers and economists interested in European integration and emerging European economies will also find this book to be an invaluable resource. Contributors : A.F. Aysan, G. Bisagni, D. Bogov, M. Dabrowski, M. Ferrazzi, A. Filardo, M. Gächter, L. Gattini, M.H. Güler, A. Hansson, S. Honkapohja, R. Jela i , K. Knot, I. Korhonen, A. Krstevska, E. Liikanen, E. Nowotny, C. Orman, E. Plato, P. Pumberger, M. Randveer, D. Revoltella, A. Riedl, D. Ritzberger-Grünwald, K. Sonin, E. Tuomi, S. Verkaart

Against the backdrop of the financial crisis that unfolded in 2008, this book deals with the policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European countries.

This highly topical book addresses the challenge of economic convergence within Europe, beginning with a thorough review of the theory of growth and related empirical research. Historical and more recent economic developments within the present EU and current accession countries are discussed, along with the design for the process of further integration of accession countries into the EU and the Euro area. Moreover, the potential to achieve a sustainable catch-up process in Western Balkan countries, the Ukraine and Russia is explored, focusing on the task facing the EU in designing proper policies vis-a-vis these countries. The contributors' varied perspectives ensure that the theories and policies postulated are linked closely with the actual situation in accession countries and offer up-to-date insights. Economic Convergence and Divergence in Europe will be of interest to economists and researchers of regional and European studies, particularly those with a focus on integration. Its accessible and non-technical approach assures its appeal to experts from the banking and governmental sectors.

Recalling the Lisbon strategy defining structural reform in the EU, and stressing the need to integrate the acceding countries in the reform process, this book argues that meeting the ambitious challenges set is not impossible. It scrutinises both reforms already undertaken and those yet to be tackled. The main thrust of the book is that the sharing of mutual experiences is important for generating an acceptable policy mix, both at EU and national levels. The contributors highlight key financial issues, including the role of FDI and of foreign banks in the still 'under-banked' acceding countries, the re-launch of social security systems and the fiscal challenges of financing the catch-up process. They also examine the ongoing EU debate surrounding the application of the Stability and Growth Pact in Central and Eastern European Countries (CEECs) and go on to explore the contrasting evidence that some CEECs have shown more extensive privatisation efforts than some EU countries. Linking general theory and empirical research with practical evidence from EU and acceding countries, this accessible volume will be invaluable to a wide-ranging readership, encompassing economists and specialists - whether academic or professional - in the fields of CEECs and European integration and enlargement, as well as governments, banks and international organisations.