We all need and benefit from this catching-up BIS Review 101/2000  2  process, both in Europe as a whole and on a global level, as we cannot afford the persistence or even widening of the existing gaps between poor and rich countries.
Moreover, a balanced and consistent policy-mix will be of crucial importance also for the transition countries in their catching-up and integration efforts. In that respect, I am glad that this conference provides an excellent opportunity to review the policy challenges the transition economies face in the most important fields of economic policy.