European Integration in a Global Economy

Edited by Ewald Nowotny, former Governor, Oesterreichische Nationalbank, Peter Mooslechner, formerly Oesterreichische Nationalbank and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria

• Contents:Preface PART I: CESEE, CHINA AND RUSSIA – SHIFTS IN GLOBAL ACTIVITY1. The Economic Impact of China and Russia on the Catching-up Process in CESEEEwald Nowotny2. Global Shifts in the Balance of Economic Activity through the Emergence of China and Russia Erkki LiikanenPART II: GLOBAL IMBALANCES AND POLICY CHALLENGES3. The Global Outlook, a Growth Strategy for Europe, and the Role of ChinaMin Zhu, Alasdair Scott and Luc Everaert 4. China, East Asia and Global RebalancingMenzie D. Chinn5. Global Imbalances, Capital Flows and the CrisisGian Maria Milesi-Ferretti6. Oil Exporters’ Contribution to Global ImbalancesIikka Korhonen7. German Unification and Intra-European ImbalancesGunther Schnabl and Holger ZemanekPART III: COMPETITIVENESS AND TRADE8. Why do Trade Negotiations Take so Long?Christoph Moser and Andrew K. Rose9. Global Trade, Regional Trade and Emerging EuropeLoukas Stemitsiotis and Willem J. Kooi10. Competition in the EU-15 Market: CESEE, China and RussiaChristian Schitter, Maria Silgoner, Katharina Steiner and Julia Wörz11. Opportunities and Challenges – the Impact of Chinese Competition on Hungarian ManufacturingÁgnes Csermely, Péter Harasztosi and Gábor PellényiPART IV: ON THE SUSTAINABILITY OF CURRENT GROWTH STRATEGIES12. Economic Problems Facing the Next Russian PresidentSergey Aleksashenko13. Is the Catching-up Process in Central and Eastern Europe Sustainable?Anders Åslund14. Short-term Outlook and Long-term Convergence in China, Russia and Eastern EuropeJean-Luc Schneider 15. The Impact of China and Russia on Catching up in South-Eastern EuropeAltin Tanku16. The Sustainability of the Catching-up Process – a Multidimensional TakeFrank MossPART V: BANKING AND FINANCIAL STABILITY 17. China’s Shadow Banking Sector – Pillar or Threat to the System?Markus Taube18. Banking and Financial Stability in the Light of the Crisis from the Perspective of UniCreditGianni Franco Papa19. Banking and Financial Stability in the Light of the CrisisDejan ŠoškićIndex

’The emergence of the BRICs and of China in particular has played an important if underappreciated role to the competitive difficulties of Greece, Portugal and other Southern European countries. The contributors to this volume warn that similar challenges now confront the economies of Eastern and South-Eastern Europe, many of which compete head to head with China in international markets. More reassuringly, the authors also specify an agenda for structural adjustment, product upgrading and deeper integration with Western Europe that offers hope for meeting the China challenge.’- Barry Eichengreen, University of California, Berkeley, US