In the other EU countries of the region, efforts to improve institutional quality have been more mixed in recent years. Overall, institutional quality is still below the euro area average in almost all CEE economies.19 Convergence is an ongoing process and reforms introduced over the past few years should not be rolled back.
Less and more in the current economy  After the financial crisis, financial regulation has been hailed as a saviour of the economy. Yet the current state of the world economy and that of most advanced national economies are eroding this standing.