Abstract
Monetary policies in the transition economies of Central and Eastern Europe have made tremendous achievements, but significant challenges still lie ahead. The major achievements so far have been to deal successfully with the major economic, monetary, and financial shocks that occurred at the outset of transition, to establish macroeconomic stabilization, and to bring down inflation gradually. These achievements were made in an environment that was challenging not only from an economic viewpoint but also from an institutional viewpoint, as transition implied that many central banks in Central and Eastern Europe had to be re-established and their functions in a market environment recreated.
The views expressed in this paper are thoes of the author and do not necessarily represent those of the European Central Bank. Helpful comments from Carolin Nerlich and Michael Sturm, and research assistance from Stefan Wredenborg are gratefully acknowledged.
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van der Haegen, P., Thimann, C. (2002). Monetary Policy Challenges in Transition and Toward Accession. In: Tumpel-Gugerell, G., Wolfe, L., Mooslechner, P. (eds) Completing Transition: The Main Challenges. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-04866-5_21
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DOI: https://doi.org/10.1007/978-3-662-04866-5_21
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