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Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Gru_nwald, Doris --- "Preface" [2004] ELECD 143; in Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Grünwald, Doris (eds), "The Economic Potential of a Larger Europe" (Edward Elgar Publishing, 2004)

Book Title: The Economic Potential of a Larger Europe

Editor(s): Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Grünwald, Doris

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843769620

Section Title: Preface

Author(s): Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Liebscher, Klaus; Christl, Josef; Mooslechner, Peter; Ritzberger-Gru_nwald, Doris

Number of pages: 4

Extract:

Preface
Klaus Liebscher, Josef Christl, Peter Mooslechner
and Doris Ritzberger-Grünwald

2004 saw the completion of the fifth EU enlargement since 1972 as eight
Central and Eastern European countries and two Mediterranean islands
became members of the European Union (EU). This was an unprecedented
event in EU history, both with respect to the number of countries and the
number of citizens newly integrated into the EU at one go. Enormous,
ongoing political and institutional efforts have paved the way for this devel-
opment that was all but inconceivable 15 years ago.
Mirroring this process, a wide range of economic questions have
emerged. Some are fundamental ones, mainly related with the transition
process as such. Others have a clear link to the macroeconomic policy
framework set up by the old EU member states. Several questions have been
solved in the meantime; privatization, for instance, is no longer a major
issue. But at the same time new challenges have appeared on the horizon,
reflecting different adjustment speeds across sectors, a lack of macroeco-
nomic policy coordination or newly arising conflicts of interest.
Right from the beginning of the transformation process, the
Oesterreichische Nationalbank (OeNB) has closely followed issues on
Central and Eastern Europe that were perceived as important from a
central banker's view. Austria's historical links and its geographical situa-
tion may have been the first incentives to do this. Nowadays economic con-
siderations prevail, as trade relations, foreign direct investment (FDI)
patterns, and developments in financial markets, especially ...