Heather Langsner
Abstract: This article examines the economic, political, and social conditions in Eastern Europe in order to provide a prognosis for Eastern European integration into the European Community (EC). The breakup of the Soviet Union has improved trade opportunities and enhanced economic cooperation between Eastern Europe and the EC. Even though things are beginning to look up, the lack of convertible currency in former Soviet Republics creates serious risk for soaring inflation, shortages and bankruptcies. These added strains have the potential to ruin fledgling post-communist governments and halt the smooth transition into a market economy unless they receive management and monetary assistance from the EC. Despite proposed solutions of early EC admittance and withholding state recognition, only time will tell how the EC will factor into the development of Eastern Europe.
Keywords: Eastern Europe, economy, integration, European Community, post-communism, transition, assistance, development
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