EUROPEAN ECONOMY. Supplement A Recent economic trends No 8/9 - August/September 1992

Directorate-General For Economic And Financial Affairs

Description

ISSN 0379-2056 EUROPEAN ECONOMY COMMISSION OF THE EUROPEAN COMMUNITIES DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS In this number: Supplement A Economic situation and Recent economic trends economic reform No 8/9 - August/September 1992 in Eastern Europe ECONOMIC SITUATION AND ECONOMIC REFORM IN EASTERN EUROPE Introduction The 1989 revolutions in Central and Eastern Europe started a progressive and irreversible move towards political pluralism and parliamentary democracy, private enterprise and a market economy open to international trade and investment. The transition was made harder by the major problems inherited from the old system : macroeconomic imbalances (monetary overhang and related shortages, over-full employment, external deficits and debts) and a capacity structure inappropriate to domestic and foreign demand, to the state of technology and to environmental protection. Thus systemic change was accompanied by macroeconomic stabilisation programmes supported by the international community, and by attempts at capacity restructuring. Because the various countries and sectors set out from different starting positions, and because the complex process of transformation has progressed at different speeds, achievements to date have also differed. In general, stabilization has been relatively fast and successful, normalising the state of markets and hardening domestic currencies often to the point of convertibility.

Informations

• Publié par: DIRECTORATE-GENERAL-FOR-ECONOMIC-AND-FINANCIAL-AFFAIRS
• Nombre de lectures: 4
• Langue: English
• Poids de l'ouvrage: 4 Mo

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