Not much of a welcome to the eurozone

When 10 mostly Eastern European states expanded the number of European Union members to 25 recently,...

When 10 mostly Eastern European states expanded the number of European Union members to 25 recently, it was an occasion to empty the inkwells for essays on bringing together the two halves of Europe. The reality is that Eastern Europe already has been transformed, first and most importantly by replacing a communist command economy with a free market, but also by the prospect of EU membership. From now on, the road will get a lot stonier. Far from accelerating Eastern Europe's growth, the first decade of integration with the EU may slow expansion instead. And just as the new states are un...