Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria

'This volume draws the links between social cohesion within European countries and economic convergence to their best performing peers. It deals comprehensively with various dimensions of the catching-up process of middle-income countries in Europe. While the countries in Central, Eastern and Southeastern Europe (CESEE) survived the financial crisis reasonably better than the periphery of the euro area, both need to adjust to new external conditions. With this formidable challenge in mind, the authors present sophisticated appraisals of the central questions and provide incisive analyses of the policy implications for individual CESEE countries and for the euro area and its member states. This book is of great topical relevance and deserves to command a wide audience including both specialists and non-specialists.'--Pierre Moscovici, European Commission, Economic and Financial Affairs, Taxation and Customs

• Contents:PART I Financing economic and social cohesion1. Funding European solidarityEwald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth2. The role of the European Union in fostering convergence Benoît CœuréPART II The role of monetary policy in catching-up3. Monetary policy and catching-up in CESEE Anita Angelovska Bezhoska4. Some considerations about the impact of monetary policy on economic convergenceMugur Isărescu5. Nominal versus real convergence: Bulgaria’s practical approach toward euro adoptionDimitar RadevPART III Cohesion within and between countries6. Strengthening economic convergence in EuropeJeffrey D. Sachs7. Trust and cohesion in Europe: lessons from the Delian LeagueAthanasios OrphanidesPART IV The role of the EU budget8. The next EU budget and the financing of cohesion policySándor Richter9. Strengthening added value and sustainability-orientation in the EU budgetMargit Schratzenstaller-Altzinger10. EU budget: How to deliver more with less? The case for financial instrumentsStéphane SaurelPART V Industrial policy and investment11. Deindustrialization, job polarization and ageing in emerging EuropeRalph De Haas, Martin Höflmayr12. Mind the gap: How does the flow of EU funds match structural investment gaps in CESEE?Tomáš Slačík13. Improving host countries’ investment environment: Is the national supply side really the right focus?Andrew WattIndex

Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria

'This volume draws the links between social cohesion within European countries and economic convergence to their best performing peers. It deals comprehensively with various dimensions of the catching-up process of middle-income countries in Europe. While the countries in Central, Eastern and Southeastern Europe (CESEE) survived the financial crisis reasonably better than the periphery of the euro area, both need to adjust to new external conditions. With this formidable challenge in mind, the authors present sophisticated appraisals of the central questions and provide incisive analyses of the policy implications for individual CESEE countries and for the euro area and its member states. This book is of great topical relevance and deserves to command a wide audience including both specialists and non-specialists.'--Pierre Moscovici, European Commission, Economic and Financial Affairs, Taxation and Customs

• Contents:PART I Financing economic and social cohesion1. Funding European solidarityEwald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth2. The role of the European Union in fostering convergence Benoît CœuréPART II The role of monetary policy in catching-up3. Monetary policy and catching-up in CESEE Anita Angelovska Bezhoska4. Some considerations about the impact of monetary policy on economic convergenceMugur Isărescu5. Nominal versus real convergence: Bulgaria’s practical approach toward euro adoptionDimitar RadevPART III Cohesion within and between countries6. Strengthening economic convergence in EuropeJeffrey D. Sachs7. Trust and cohesion in Europe: lessons from the Delian LeagueAthanasios OrphanidesPART IV The role of the EU budget8. The next EU budget and the financing of cohesion policySándor Richter9. Strengthening added value and sustainability-orientation in the EU budgetMargit Schratzenstaller-Altzinger10. EU budget: How to deliver more with less? The case for financial instrumentsStéphane SaurelPART V Industrial policy and investment11. Deindustrialization, job polarization and ageing in emerging EuropeRalph De Haas, Martin Höflmayr12. Mind the gap: How does the flow of EU funds match structural investment gaps in CESEE?Tomáš Slačík13. Improving host countries’ investment environment: Is the national supply side really the right focus?Andrew WattIndex