The countries of Central and Eastern Europe have made successful and impressive progress on their way to EU membership. Yet more remains to be done. Sustainable monetary, fiscal and structural policy reforms are of prime importance in this context, as they help to establish the required real convergence with the European Union – a precondition for smooth accession to the EU.
Although the data for the fourth quarter are still incomplete, it is apparent that real gross domestic product posted an increase in the neighborhood of 3 percent over the four quarters of 1996.