This book studies the macroeconomic and structural adjustment burdens for new Eastern European member countries of the European Union. The widespread belief that an Eastern enlargement of the EU would be overwhelmingly to the detriment of current members is rejected. The contributors discuss the lack of competitive-ness of Eastern countries and their need for structural adjustment (financial sector, agriculture, manufacturing). The main issues considered critically are the problem of price convergence in integrated markets, the positive approach to foreign capital inflows (including transfers and foreign direct investment), the problem of the current account deficit and the direction of structural change. In most contributions a comparative approach plays an important role. Many authors write with experience of the Southern enlargement of the EU. The book consists of a wide range of theoretical approaches - from rather supply-side-oriented to more demand-side ones - to offer a range of perspectives on how enlargement could affect the transition economies and the European Union as a whole.