We discuss past performance and future challenges for the countries of Central and Eastern Europe (CEE). We highlight the successful convergence process of those countries, not least thanks to their integration into European and global value chains. As the external environment changes, so...

Concerns about the monetary integration issue have lasted for over five decades, outlining several criteria which embody the theory of optimum currency areas. Although the European monetary integration pattern is not based on this theory, it often serves as a reference in assessing the...

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances...