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The autumn of 2011 marks the twentieth anniversary of the events which have shaped a new European reality of the last two decades (the emergence of new European states following the disintegration of the former Soviet Union and the former Yugoslavia and the political agreement on the creation of the Economic and Monetary Union). Hence this will be a good opportunity to assess progress achieved so far in the process of economic integration and draw conclusions for the future. In particular, the part of the assessment that relates to future prospects should predominate in the analysis, as the overall goal of the conference is to discuss challenges on the road to a more integrated and stable European economy. In this assessment one should look at both the EU as a whole, and its two different, but intertwined segments: the euro area and CESEE. The economic and financial ties between the western and the eastern parts of the continent do not warrant a flawlessly operating financial system but still they are strong enough to generate contagion effects working in both directions.

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