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Promoting financial stability in the transition economies of Central and Eastern Europe

It is a great pleasure to be here after seven years, to have the chance to meet old friends, and to report both about non-negligible and undeniable positive results which have been achieved in the transition economies of Central and Eastern Europe between my two visits to Jackson Hole, and about not less undeniable problems connected with such a unique historical maneuver. The seven years’ time span makes it possible to base our discussion on the existence and understanding of many important similarities among the transforming countries which are, however, sometimes difficult to discover behind evident differences. I will use mostly Czech data and Czech experience, but my ambition is to at least implicitly generalize and outline broader tendencies or principles.