ABSTRACT
Post-socialist transition, combined with Europeanization and resulting in EU membership for most of the Central and Eastern European countries was unprecedented in economic history. It has therefore been a steep learning curve for all stakeholders, including policymakers and academia, but also societies themselves. The countries concerned have performed a rather rich variation of the whole transition and its elements. Among these, the following are highlighted from an international political economy perspective. First, the countries had to set up and operate special monetary regimes that facilitated transition while also ensuring stability. Second, accession to the European Union implied adoption of the EU’s monetary policy rules and as well (i.e. central bank independence and inflation targeting). Third, for the countries acceding to the EU post-Maastricht, the opt-out right vis-à-vis the monetary union was not provided so, by becoming EU members, they have committed themselves to the introduction of the euro upon completion of the convergence criteria. Nevertheless, just as in relation to post-socialist transition, the Eastern new member states of the EU have exhibited a highly diverse set of attitudes towards Eurozone accession since 2004. Indeed, there are well-founded theory-based arguments both in favour of joining the currency union early, and conversely showing reluctance. The debate is not over, and neither is the post-transition economies’ integration into the Eurozone.
