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Ms. Ratna Sahay, Mr. Carlos A. Végh Gramont, and Mr. Stanley Fischer

. MACROECONOMIC POLICY CONVERGENCE The Copenhagen Summit criteria provide a very broad guiding principle in several areas for the accession of the CEE countries to the EU. While the political, legal, and institutional criteria cannot be overestimated, this paper focuses on the economic aspects. With no specific guidelines on economic performance for CEE membership in the EU, we choose to use the Maastricht criteria as a guiding principle for determining policy convergence. The Maastricht criteria specify measures of macroeconomic convergence required for EMU membership. 7

Ms. Ratna Sahay, Mr. Carlos A. Végh Gramont, and Mr. Stanley Fischer
The current destination of Central and Eastern European countries—explicitly for some, implicitly for all—is Brussels. The concept of the distance from Brussels is multi-dimensional. One simple measure, not without theoretical and empirical justification, is physical distance. This paper’s focus, however, lies more in the distances in time and economic space. The paper first compares income gaps between Central and Eastern European and European Union (EU) countries, then evaluates recent economic performance in Central and Eastern Europe in light of EU standards. Finally; addresses the question of how long it will take the Central and Eastern European countries to close the income gap with EU countries.
International Monetary Fund
This Selected Issues paper and Statistical Appendix highlights that the real GDP growth in Latvia accelerated in the second half of 1997, and is estimated at 6 percent for the year. Growth was broad-based, with particularly strong performance in the services sector and construction, and has been led by increased investment, with real capital formation rising by an estimated 10 percent, and enhanced efficiency. Reflecting the strong economic growth, official unemployment has begun to decline, falling from 7½ percent in mid-year to 6.7 percent at end-January 1998.
International Monetary Fund

; therefore, they all tend to be strong supporters of intergovernmental cooperation. In fact, while western Europe is reconsidering the role and global significance of nation states, the candidate countries are just in the process of creating nation states. 91 C. EU Accession—Challenges and Opportunities 210. The admittance of the ten CEE countries to the EU entail both challenges and opportunities for the applicant countries and for the EU and its member countries, referring to issues ranging from the impact on investment, trade, and growth from closer