Andras Inotai has been director general of the Institute for World Economics, Budapest since 1991. In the 1970s, he worked in Germany and in Peru, and joined the World Bank in Washington D.C. in 1989. Professor of the College of Europe (Bruges and Natolin) since the early 1990s, and Visiting Professor at Columbia University (New York) in 2002. His key research areas include regional integration with special reference to economic developments in and enlargement of the European Union, globalization, international direct capital flows, comparative survey of economic transformation in Central and