Transition economies need both the market and the capital to nurture and feed domestic growth initiatives. Thank you. 1 I would like to thank Alessandro Giovannini for his contributions to this speech. I remain solely responsible for  the opinions contained herein. 2 See Liebscher, K. (2004), “Opening Remarks”, Conference on European Economic Integration, Vienna, 29  November.
3 Article 3 of the Treaty on European Union states that “[The Union] shall promote economic, social and territorial  cohesion, and solidarity among Member States.” 4 EU members comprise Bulgaria, the Czech Republic, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland,  Romania, Slovenia and Slovakia.