Patterns of transition (by K. Poznanski, J. Poznanska and H.Y. Liu; pp. 1-11) Keywords transition, shock therapy, privatization, market vs. state Countries covered CEE, CIS, East Asia Topics Macroeconomic Analysis and Policy Recent trends in the quality of traded goods NMS are closing the gaps...

The dark side of the Balkans (the shadow economy in Southeastern Europe) (by Edward Christie and Mario Holzner) Are CEECs trapped in low-quality export specialization? (by Uwe Dullek, Neil Foster, Robert Stehrer and Julia Wörz) Do interest rate differentials determine the movements in the...

Trade and economic integration in the CIS an evaluation (by Vasily Astrov, Peter Havlik and Olga Pindyuk; pp. 1-3) Keywords trade, economic integration Countries covered CIS Topics International Trade, Competitiveness and FDI Volume and variety of intra-bloc trade in an expanded European Union...

Graph of the month Share of foreign value added in the exports of selected countries Opinion corner What might be the economic consequences of a potential territorial break-up of Ukraine? (by Vasily Astrov) Trade integration, vertical specialisation and employment growth in the new Member States...

The transformation of international financial markets and the future of the eurozone (by John Eatwell; pp. 1-6) Keywords Financial Markets, euro, Debt Crisis Countries covered European Union Topics Macroeconomic Analysis and Policy The harmonisation of banking supervision a chokehold (by Tomasz...

The intensity of competition in Central, Eastern and Southeast Europe stylized facts and repercussions for sectoral price developments (by M. Feldkircher, R. Martin and J. Wörz; pp. 1-7) Keywords inflation, mark-ups, competition, concentration Countries covered CEE, SEE Topics Macroeconomic...

Cohesion policy - does it have a future? (by S. Richter; pp. 1-2) Keywords cohesion, transfers, EU Countries covered European Union, New EU Member States Topics Macroeconomic Analysis and Policy; Regional Development; Other The great crisis and the American response (by J. K. Galbraith; pp....

A few reflections on fiscal and monetary policy in the euro area (by J. Pöschl; pp. 1-3) Keywords fiscal policy, monetary policy, euro area Countries covered EU Topics Macroeconomic Analysis and Policy; International Trade, Competitiveness and FDI Unit labour costs, exchange rates and responses...

Graph of the month Corporatism and changes in the adjusted wage share in GDP and in the unemployment rate (p. 1) Opinion corner Two views on Piketty (by Vladimir Gligorov and Mario Holzner; pp. 2 3) Corporatism and the wage share in Western economies and in CESEE (by Mario Holzner; pp. 4-8 )...

European energy security a concern common to both the EU and Russia (by P. Havlik; pp. 1-2) Keywords energy security, gas supply, structural reform Countries covered Russia, EU Topics Macroeconomic Analysis and Policy The current state and prospects of the Russian energy sector (by V. Astrov;...