The Decade of Catching Up: Within the EU

Bill White made a presentation at the annual Lamfalussy Conference held at the Central Bank of Hungary, this year on February 4 in Budapest. His topic was the process of economic convergence between the Central, Eastern and South Eastern Economies (CESEE) in Europe and those richer economies further to the West. After looking at the recent history, Mr White suggested that future prospects for convergence depended in large part on the CESEE economies being resilient in resisting downturns. Historical studies indicated clearly that political division and the erosion of the rule of law reduced the trust and cooperation required for a resilient economy.