Economic Restructuring and Integration in Eastern Europe

The book contains the main results of INDEUNIS, an international research project coordinated by the Vienna Institute for International Economic Studies (wiiw) and financed by the European Commission under its Sixth Framework Programme. Researchers from Austria, Poland, Hungary, Estonia, Finland, Russia, Belarus, Kazakhstan and Ukraine jointly investigate the recent experience with economic transition, restructuring and integration. There is a set of non-exclusive policy options for the NIS (Newly Independent States): o proceed with the liberalization and institutional development process; o provide more government budget for renewing and expanding infrastructure; o establish an Industrial Policy to promote priority sectors; o use tariff and other protection for temporary support to infant-industries. The bottom line on the experience of structural change and policy implications for the future is that the NMS (New EU Member States) provide an object lesson for the NIS. The major component of NMS success has been the steady progress in market reforms, including liberalization, all with a small lag in institutional development. For the NIS following the same path, despite the problems early delay has caused, would seem the best recommendation.