"Completing Transition: The Main Challenges" was the topic around which the Oesterreichische Nationalbank and the Joint Vienna Institute organized a high-level conference in 2000, in a continuation of long-standing efforts to promote the dialogue and understanding between various regions in Europe. Given the heterogeneity of the transition countries of Central and Eastern Europe and the heterogeneity of progress toward convergence, the outlook for finishing transition is divergent. However, what will generally be important is corporate governance and institutional reform to sufficiently underpin macroeconomic success, plus a definite commitment of the responsible institutions in the transition countries to follow the chosen policies consistently.

Includes supplementary material: sn.pub/extras

Editorial.- Welcoming Remarks.- The Continuing Challenge of Transition and Convergence.- Completing Transition - The Main Challenges.- Transition Economies and the WTO.- Luncheon Speech.- Transition and Vested Interests.- The Transition - Where Are We? A Commentary on Poland's Experiences.- Slovakia on the Road to a Market Economy in 2000.- The Transition - Where Are We? Experience and Lessons from Armenia.- The Next Challenge in Corporate Restructuring: Activating the Financial Sector.- Corporate Reform in Russia and the Former Soviet Union: The First Ten Years.- The Role of Central Banks in Financial Sector Reform.- The Challenges of Bank Restructuring and Banking Supervision in Transition Economies.- Experience and Perspectives of Financial Sector Development in Central and Eastern Europe.- Fiscal Policy Challenges: Transition Countries and OECD Experiences.- Fiscal Policy Challenges in Transition: Experience in the Czech Republic.- Quality of Public Finances: Value Dimensions of Budget Policy.- Social Sector Reform in Transition Countries.- Fiscal Policy and EU Accession - Transparency and Medium-Term Budgeting.- Monetary Policy Challenges in Transition and Toward Accession.- Monetary Policy in Central and Eastern Europe: The Case for Monetary Strategy Based on Exchange Rates.- Monetary Policy in Central and Eastern Europe: The Case for Direct Inflation Targeting.- Exchange Rate Arrangements in Transition to EMU: Some Arguments in Favor of Early Adoption of the Euro.- Presentation of the Olga Radzyner Award.- Transition Economies and the Multilateral Trading System: Introductory Remarks.- Trade Integration and Changing Trade Structures of Transition Economies.- Transition Economies - Integration into the World Economy.- How to Go Forward in Transition.- Completing Transition: The Case of Hungary.- Transition Experiences and Challenges in Romania.- Russia: Experiences and Challenges.- Concluding Remarks.- List of Participants.