ABSTRACT
Over the last decade, the economic and political landscape of Europe has changed considerably in response to two important phenomena. On the one hand, economic integration has evolved through the Single European Market, the Economic and Monetary Union and the fourth enlargement of the European Union (EU), together with the implementation of policies aimed at increasing the efficiency and competitiveness of the European economy in light of the challenges posed by the global economy. On the other hand, Central and Eastern European countries (CEECs) have experienced the process of transition to a market economy and democracy with its tremendous pressures on national economies for economic and institutional reforms.
