A multilateral payments union for Eastern Europe?



This paper attempts to assess the advantages and disadvantages of a payments union for the Eastern European member countries of the former Council for Mutual Economic Assistance (CMEA). The main question is whether CMEA countries should be subject to a ‘shock’ therapy of rapid liberalisation or whether a more gradual approach with restricted convertibility would be advisable. The author analyses the case for multilateralism versus bilateralism and proposes a tentative partial compromise solution.

JEL: P20, F33


Shock therapy, liberalisation, gradual approach, Post-soviet transition, Payments union

Full Text:



  • There are currently no refbacks.

Copyright (c) 2016 P. BOFINGER

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.



Sponsored by   

ISSN 2037-3643

Reg. Tribunale di Roma n.377/2009 del 19/11/2009