"The New Europe: Evolving Economic and Financial Systems in East and West", edited by Donald E. Fair and Robert J. Raymond, Financial and Monetary Policy Studies, Kluwer Academic Publishers, Dordrecht, Boston, London, 1993, ISBN 0-7923-2159-6.
This book refers to two transitions. Eastern European economies, including CIS republics, are in the process of transition to a market economy. EC countries are on the way to implementing an economic and monetary union and many of them would welcome a political union. EC countries cannot be separated from EFTA member countries, nor Europe from the rest of the world. The two transitions are different in kind, and in some respects are opposed. While globalisation, Eastern economies are exposed to disintegration. At the same time the East is influenced by the West and both transitions have some common challenges: the search for a model of capitalism, intermediate between laissez-faire and interventionism; the search for competition as a discipline and for efficiency. The New Europe focuses on privatization, economic reform, relationships between banks and industry, the role of the State, the dynamics of banking and financial sectors, monetary reform, the independence of the central bank, the European monetary union, and East-West economic and financial relations. This volume is of outstanding interest for policymakers, executives and academics.