The new forms of cooperation between Western firms and East European enterprises, begun with so much optimism in the 1970s, have disappointed the expectations placed in them. In both East and West the question as to the benefits and risks of this particular form of collaboration is now being...

What are the borrowing strategies and practices of European members of the Council for Mutual Economic Assistance (CMEA)? The authors had extensive discussions with bankers in the leading financial centres in Europe. Some of their findings are presented in the following article.