Indeed, currencies can play an important role in shaping a national identity and the Deutsche Mark is one of the strongest symbols of German reunification. The foundations for political reunification were laid by the treaty establishing monetary, economic and social union, which came into force on 1 July 1990 and enabled the East German mark to be converted into the highly regarded Deutsche Mark.
The output loss, with average GDP decline amounting to –3% in new EU Member States and to –6% in all CESEE countries in 2009 (IMF, 2010), was deeper than we expected. In turn, we can see slight improvements in this region this year. Therefore, as reflected in its title, this year’s conference is forward looking, dealing with catching-up strategies after the crisis.