The EastWest Institute took over sponsorship of the Survey when the Open Media Research Institute in Prague closed in 1997 after publishing the first two annual volumes. Overviews of eastern Europe and the former Soviet states are followed by essays on regional issues and economics, and then analyses of the current situation in specific countries. The perspectives include a year of optimism in Hungary, keeping Latvia on a course toward the west, Slovenia as an island of stability, a year of western determination in Bosnia, Vojislav Sesilj as a demagogue waiting in Yugoslavia, and progress amid privation in Georgia. The texts are accompanied by maps, data boxes, feature stories, excerpts from documents, and profiles of key figures. Annotation copyrighted by Book News, Inc., Portland, OR

This collection of 14 papers explores the political dimensions of regional integration, discussing the key aspects of the European experience, from the Treaty of Rome to the Single European Act to the Treaty of Maastricht and beyond.

The effort to establish economic, political, arid monetary integration in Europe is one of the great dramas of our time, and the implications of its success or failure are enormous for the rest of the world. In this volume distinguished economists and political scientists address the wide-ranging set of issues confronting the nations of Europe and explore the implications of the European experience for regional integration elsewhere. The distinguished contributors of this volume address an impressively broad range of issues, including the influence of Europe's troubled history since the 1930s, the performance of preferential trade arrangements and their impact on multilateral institutions such as the GATT, the particular impact of monetary integration, and the significance of all these developments for the political future of Europe. The Challenge of European Integration is a key document in the interpretation and understanding of current developments in Europe. It is required reading not just for economists and political scientists but for any student of contemporary Europe and of the emerging system of global trade and finance.

How is solidarity achieved in highly diverse societies - particularly those that have been until recently characterized by rather homogeneous populations? What are the implications of growing levels of diversity on existing social arrangements? These two fundamental questions are explored in this edited collection, which examines the challenges of minority integration in four Nordic countries: Denmark, Finland, Norway, and Sweden. These nations represent paradigmatic examples of social democratic welfare states that place a premium on a robust package of social rights, combined with policies aimed at reducing levels of class-based inequality and promoting gender equity. All four of these nations have witnessed growing levels of diversity due to immigration and three of them have been forced to rethink their policies concerning the indigenous Sámi, as well as old minority groups. Two introductory chapters, by Thomas Hylland Eriksen and Peter Kivisto, serve as a conceptual framework for the seven case studies that follow, and which, from a variety of perspectives and with differing emphases, analyze the evolving realities in these nations today. Taken together, they offer evidence of the critical issues surrounding attempts to achieve solidarity while valorizing diversity.

July 1998 To gain recognition from its counterparts in the European Union, Estonia must give priority to improving risk management in its banks and improving institutional capacity for bank regulation and supervision. The most important challenge of Estonia's strategy for integrating its financial sector with that of the European Union (EU) is to upgrade its capacity for prudential regulation and supervision enough to gain recognition from its EU counterparts. Doing so is also a crucial complement to Estonia's strategy for strengthening macroeconomic policy and stabilization-especially because, under a currency board, its banks are a central part of the transmission mechanism for capital flows. Under the currency board banks have been able to arbitrage between domestic and foreign financial markets-increasingly funding themselves from abroad. Such arbitrage has become the key funding source for rapidly expanding credit, contributing to the country's large current account deficit. Estonian authorities are justified in tightening prudential regulation and supervision because of the risks associated with an overheating economy, general market volatility, and the possible deterioration in the quality of credit. Improvements in prudential regulation should be followed by improvements in the country's capacity to supervise banks and an upgrading of the banks' risk management systems, to manage the increasingly complex operations and diverse markets in which they engage. These steps should be a priority. The institutional development of banks and supervision have lagged behind market developments. In improving the regulatory framework for banks, Estonia should avoid establishing incentives for tax arbitrage that lead to the creation of artificial and socially costly financial intermediaries. This paper is a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region. The authors may be contacted at ccavalcanti@worldbank.org or doks@worldbank.org.

This monograph asserts that the troubled history of segregation within American women’s associations created a legacy of racial exclusivity and privilege. While acknowledging the progressive potential of women’s associations and the extent to which they created a legitimate outlet for American women’s public activism, it explores how and why such organizations failed to aid in issues of integration. Rather than being a historical accident, or a pragmatic response to circumstance, this monograph demonstrates that white exclusivity and privilege was crucial to the authority and influence of these associations. Organized White Women and the Challenge of Race Relations examines the translation of what seemed on the surface to be relatively simple demands for racial integration into a far more significant and all-encompassing confrontation with the frequently hidden structures and practices of white privilege.

Weerts, Cynthia A. Wells, Letha Zook--William T. Luckey, President, Lindsey Wilson College

The EU Single Market and the opening up of Eastern Europe offer a chance to create a truly pan-European market economy. In this respect, many lessons can be learned from early 20th-century developments in Europe. Bearing this in mind, the authors analyze the fragility of international trade, financial investment and foreign relations in and across Europe, from both a contemporary and historical perspective. In a period of increased migration and higher capital mobility, the major OECD countries are faced with such issues as monetary integration, the role of banks and the requirement for structural adjustment. Even more complex is the integration of Russia. Policymakers and the business community alike are presented simultaneously with unique opportunities and unique challenges - with old and new pitfalls looming.

Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole. This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union. Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.