Global monetary and economic convergence : on the occasion of the fiftieth anniversary of the Marshall Plan / edited by Gusztav Bager, Miklos Szabo-Pelsoczi ; foreword by Robert Raymond.

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Foreword by Robert Raymond	ix
Editors' Preface	xi

Part I: European Convergence	1

1 The Fiftieth Anniversary of the Marshall Plan: A Significant Date
	for the European Union
	Hans Beck	3

2 Humanly Acceptable Answers
	Michel Carlier	7

3 Hungary's Macroeconomic Stabilization and Recognition of its
	Focal Position in East Central Europe
	L,dszl6 Akar	10

4 Hungary's Recent Monetary and Macroeconomic Trends
	Gydrgy Suranyi	14

5 The Marshall Plan and its Relevance Today
	Bernard Snoy	18

6 Back to Fundamentals: Why a Monetary Union for Europe?
	Alexandre Lamfalussy	35

7 European Monetary Union: Progress and Outlook
	Robert Raymond	42

8 The Euro on Schedule: Analysis of its European and International
	Implications
	Michael Sakbani	48

9 Does EMU Need to Converge on the US Model?
	Daniel Gros and Erik Jones	75

10 Economic Relations of the EU and the Rest of Europe in View
	of the EMU
	Olga Butorina	89

Part II: Theoretical Issues of Global Convergence	97

11 Hayek and Triffin: Fragments on Divergence and Convergence
	in Policy Thinking
	Nicolas Krul	99

12 Globalization, Governance, and Transition -
	Managing Some of It
	JozefM van Brabant	121

13 From the Marshall Plan to New Balances
	Gusztav Bager and Miklos Szabo-Pelsoczi	147

14 The Euro: Hopeful Sign of a New Long Wave Growth
	Paul L. Mandy	166

Part III: East-West Convergences	187

15 Investment and Growth in the Transition Process
	Nicholas Stern and Hans Peter Lankes	189

16 Monetary Governance in Selected Transition Economies -
	What Has Been Achieved?
	Maciej Krzak and Aurel Schubert	207

17 Has the European Union the Right Strategy for Central and Eastern
	Europe?
	Marie-Paule Donsimoni	247

18 Seven Years of Financial Market Reform in Central Europe
	Gerhard Fink and Peter Haiss	254

19 Disinflation, Fiscal Positions, and Seigniorage
	-A Comparative Analysis of the EU Countries and Some
	Remarks on Economies in Transition
	Peter Brandner and Eduard Hochreiter	293

20 The Integration of Russia into the World Monetary System:
	Macroeconomic Consequences and Problems
	Dmitty Smyslov	332

21 Closing the Development Gap between Hungary and the
	European Union
	Janos Hoos	344

22 The Banking System in Slovakia - Actual Problems
	Otto Sobek	352

23 The 'Principal-Agent' Conflict in the Period of Post-communist
	Transformation in Central and Eastern Europe
	Marton Tardos	360

24 Financing Social Projects in Support of Convergence
	Martin Murtfeld	364

25 The Hungarian Banking System and the Development of
	Capital Markets
	Katalin Botos	374

Part IV: Global Convergences	411

26 Agenda for a New Monetary Reform
	Otto Hieronymi	413

27 Privatization and Corporate Governance: Some Lessons from the
	Experience of Transitional Economies
	Tito Boeri and Giancarlo Perasso	430

28 Narrow Banks in Today's Financial World: US and International
	Perspectives
	Dimitri B. Papadimitriou	445

29 Corporate Governance amid Global Monetary and Economic Convergence
      - Their Appearance and Development in Japan
      Yoshiaki Toda                467

30 Globalization of the World Economy and the Lack of Regulation
	of the Globalized World
	Mdrton Tardos	473

31 How the World Has Changed Since 1980
	Robert Solomon	478

Notes on Participants	487