Table of Contents

European Integration in a Global Economy

European Integration in a Global Economy

CESEE and the Impact of China and Russia

Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald

The expert contributors focus on global imbalances and accompanying policy challenges, competitiveness and trade, the sustainability of current growth strategies, and banking and financial stability in the light of the global economic and financial crisis. They provide a multi-disciplinary assessment, combining the views of high-ranking central bankers, policymakers, commercial bankers and academics, and demonstrate that a broad view of European economic integration is crucial given that spillovers and contagion were major issues of the recent economic crisis.

Preface

Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald

Subjects: economics and finance, international economics, money and banking

Extract

This book discusses selected aspects of European economic integration from a global perspective, investigating the impact of China and Russia as emerging global economic players on the catching-up process in Central, Eastern and South-Eastern Europe (CESEE). Contributions focus on global imbalances and accompanying policy challenges, competitiveness and trade, the sustainability of current growth strategies, and banking and financial stability in the light of the economic and financial crisis that started to evolve in 2008. To adopt this broader view of European economic integration is not only necessary because of the crisis in which spillovers and contagion are one of the major issues. Even under normal circumstances a country-bycountry approach involves a certain risk: the risk of overlooking fundamental economic developments that take place elsewhere and might affect the CESEE region as a whole. Developments in Russia, and even more so in China, seem to fall into this category. Given their huge size and market potential alone, it is quite obvious that economic developments in these two countries will have an impact on the CESEE region. In turn, the CESEE region as a whole – and the euro area as well – may have an impact on Russia and China, too. Therefore we found it was high time to analyse this triangle of regions – CESEE, China and Russia. China started to successfully enter the stage of the global economy in the 1990s and has since succeeded in delivering rather sophisticated goods to a number of markets. Sooner rather than later the emerging and...