The macroeconomic and financial developments in the CEE countries are puzzling in the sense that they are neither in line with economic theory, and nor do they reflect the empirical findings that are usually observed in other catching-up economies, including the cohesion countries in the 1990s.” As far as the recent use of policies is concerned, he pointed out four of them, namely fiscal policy, structural policy, supervisory and prudential policy and, last, but not least, monetary and the exchange rate policy.
I am certain that an excellent faculty has been put at your disposal to facilitate the respective topics, and I am sure that your participation in the course shall indeed be beneficial. Ladies and Gentlemen, the theme for this course, “Macroeconomic Management and Economic Integration”, could not have been better chosen.