The integration of the Central and Eastern European transition countries into the European Union is one of the most exciting economic policy issues of today. The book provides a detailed analysis of the economic effects which EU integration has on accession countries. It shows that these countries have already managed to fully remove the anti-trade bias with the EU that existed before the fall of the iron curtain. Benefits from further integration into the EU could result in particular from the fact that full membership in the European Community will increase the credibility of government...