EU Eastern Enlargement and the Russian Transformation Crisis by Paul J.J. Welfens
Two rounds of EU eastern enlargement will pose difficult economic and political adjustment problems. Based on recent analysis one also finds many opportunities for both the EU-15 and the accession countries which, however, face the negative spillovers from the Russian transition crisis. The transformation crisis in Russia is analyzed in its own right and explained via the interplay of domestic reform failure and inadequate external transformation support - including an ill-guided transition approach of the IMF. Based on a broad analysis the ingredients of a successful transformation strategy are identified. Creating prosperity and stability in the whole of Europe is the true challenge of 2000+.
Eastern EU Enlargement: Developments, Problems and Policy: Introduction.- The Community Facing the Start of the Euro.- Eastern Europe After the First Transition Stages.- Agenda 2000 and Institutional Challenges for Accession Countries.- Theory of Economic Integration and Application to Enlargement.- Normative Perspectives: Policy Challenges and Options for EU-15.- EU Eastern Enlargement and Russia.- The Russian Transformation Crisis: Origins, Analysis and New Policy Requirements: Introduction.- From Socialist Distortions to the Transformation Crisis.- Towards a Functional Institutional Framework.- Towards a New Transformation Strategy.- Devaluation, Sequencing and the Significance of Structural Aspects in Capital Flows.- Summary and Conclusions.- Appendix: Theory of Spatial Competition and Interdependency of Competition and Trade Liberalization.- Efficient External Liberalization in Russian Transformation: Introduction.- Traditional and New Approaches for External Liberalization.- Policy Conclusions for Russia.- Appendix: Towards a New Russian Transformation Strategy - Lessons from Failed Transition and Ingredients for Sustainable Reform.- The Role of International Organizations: International Crisis Management: The IMF's Medicine for Asia and Russia.- Economic Stability Aspects.- New Issues in International Economic Relations: Liberalization of Telecommunication, Green Problems and Social Standards.- International Organization and Sustainable Globalization.- Appendix: Towards a WTO Facility.