The associated growing imbalances were judged as temporary phenomena associated with the catching-up process. I will argue today that this development model should not be abandoned, but refined, as the push towards market reform has engendered significant benefits. However, the global crisis has shown that economic convergence in Europe should not be viewed as an automatic process.
In fact, stability-oriented policies and careful risk management should accompany and support convergence efforts. With this in mind, I will focus on the following three aspects, which highlight the role of policy in ensuring a sustainable development model: 1. A review of the growth experienced in CESEE countries in order to determine if any general lessons can be drawn. 2.