The incidence of oligarchs is one of the most significant political problems after communism. An appropriate policy towards them has become a pressing issue for both Russia and Ukraine and addressing this matter will greatly influence the future economic systems of these countries. The paper...

This study reviews monetary policy options that are seemingly viable for adopting the euro by the new Member States of the European Union. A fully autonomous direct inflation targeting is believed to be suboptimal for convergence to the euro as it does not incorporate convergence parameters into...

The fifth enlargement of the EU has now brought together twenty five countries, a massive success. But success has its price: twenty-five countries do not cooperate as six used to. The result is a general impression that the undertaking is being diluted and that national interests prevail over...

At the beginning of 1990s the Soviet successor states started to transform their financial sectors to meet the needs of the emerging market economies. Following a decade of transition, results differ. Although the Baltic States were able to build quite successful financial systems, in the CIS...

This paper aims to show the uneven process of changes in competitiveness across Polish manufacturing industries during the period prior to Poland's EU membership (1996-2003). Based on the Schumpeterian approach to competitiveness, that is the ability to compete, it looks at changes in...

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...

This paper discusses the theory and practice of counter-cyclical fiscal policy to draw conclusions relevant for the fiscal architecture of the European Union. It starts by reviewing major lines of criticism on counter-cyclical fiscal policy, such as the existence of various lags, versions of...

The main message of this contribution is that lean times are here to stay for the old member states. The main reasons are deep seated: Deteriorating demographics continue with ratio of working age population to total population falling. There are thus fewer and fewer producers for every consumer...

The paper looks at linkages between MDGs and PRSPs in six transition countries: Armenia, Azerbaijan, Georgia, Kyrgyz Republic, Mongolia, and Tajikistan. Progress towards MDG attainment in all these countries is considered. Key features of PRSPs in the countries of the sub-region are analyzed....

This paper investigates the evolution and determinants of manufactured exports and FDI in MED-11 countries over the period 1985-2009 as well as the prospects of their evolution under different scenarios pertaining to the evolution of the determinants. The econometric analysis confirmed the role...