Of the early reformers – Hungary, Poland, the Czech Republic, Slovakia, the Baltics, Croatia and Slovenia – only Hungary still has an IMF program, but it is of a precautionary nature; no purchases are made. In fact, since 1995 these countries have been making net payments to the Fund and some have obtained access to international financial markets.
Others, however, are less advanced and still in need of the required reforms. The transition process, so far, seems to mirror the circumstances leading to the adoption of the Marshall Plan in two important regards. First, financial instability which was BIS Review 54/1997  -4-  pervasive in the early years of post-World War II Europe is also present in several transition economies.