"Perhaps now is the time to draw some initial conclusions about the global crisis. This article tries to summarise the main lessons and dilemmas from the global crisis in advanced and transition economies. Our focus here is both on the causes of the crisis and on future prevention, bearing in mind that this is neither the first nor the last financial crisis the world has seen. The article has four parts. The first part deals with the nature and the causes of the current crisis; the second discusses policy responses in advanced economies and the main dilemmas faced by policy-makers and economists; the third analyses the reasons for the very different macroeconomic developments among the economies of central and eastern Europe; and the fourth is focused on the political dimensions of the crisis. "

Support: Digital;Paper