This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.

ANGANA BANERJI International Monetary FundLORENZO BINI SMAGHI Member, Executive Board, ECBHERBERT BRÜCKER Professor of Economics, University of Bamberg; Head, Department for International Comparisons and European Integration at the Institute for Employment Research (IAB), Nuremberg, GermanyJUHA KÄHKÖNEN Senior Advisor, European Department, International Monetary FundSARAH LEIN Research and Teaching assistant, Chair of Applied Macroeconomics, ETH Zurich, Switzerland MIGUEL LEON-LEDESMA Reader in Economics, Department of Economics, University of Kent, UKMAGDALENA MORGESE BORYS Adjunct Professor, American University of Rome, Italy CAROLIN NERLICH Senior Economist, Directorate General Economics, ECBÉVA KATALIN POLGÁR Directorate General International and European Relations, ECBJÜRGEN STARK Honorary Professor, University of Tübingen; Member, Executive Board, ECBISTVÁN P. SZÉKELY Director, Economic Studies and Research, Directorate General for Economic and Financial Affairs of the European CommissionMAX WATSON Fellow, Wolfson College, Oxford, UK; Associate Fellow, Chatham House (Royal Institute of International Affairs), UK ANDREI ZLATE Boston College, USA

Introduction Real Convergence in Central, Eastern And South-Eastern Europe; L.Bini Smaghi Fast, but Sustainable? Challenges and Policy Options for the Catching-Up Process of Central and Eastern European Countries; J.Stark Real Convergence in Central, Eastern And South-Eastern Europe; M.Morgese Borys, E.K.Polgár& A.Zlate The Link Between Real and Nominal Convergence: The Case of the New EU Member States; S.Lein, M.Leon-Ledesma& C.Nerlich Growth and Economic Policy: Are There Speed Limits to Real Convergence?; I.P.Székely& M.Watson The Impact of Real Convergence on Migration and Labour Markets; H.Brücker Real Convergence and the Balance of Payments; A.Banerji& J.Kähkönen