A comparative study of the problems of economic transition in the former Soviet bloc states of Central and Eastern Europe and the role Western Europe and the U.S. play in this process. The course deals with the origins and nature of the economic and structural upheaval, with the reform strategies, and problems associated with introducing market economies. It analyzes the issues of the Soviet-type system and reasons of its collapse, and reviews the transitional strategies, the issues of monetary stabilization, ownership changes, fiscal problems and developments in the labor markets. The course reviews the relationship to the International Monetary Fund and the entry process in the European Union. Special emphasis will be put on the EU members’ economy, that of the Czech Republic, Estonia, Hungary, Poland, Slovakia and Slovenia etc. Their development will be contrasted with the Russian and the Ukraine economies’ transformation. Lessons and challenges from the entry into the euro-zone will be presented. The impact of the global economic crisis and that of the recent EU debt crisis will be analyzed.