Read Marek Dabrowski Policy Contribution ‘The harsh reality of Ukraine’s fiscal arithmetic’
A never-ending controversy
The question of optimal reform strategy, especially its speed and degree of ambition, has been repeatedly debated in relation to various historical occasions. The best-known controversy refers to the first period of post-communist transition in central and eastern Europe and the former Soviet Union in the 1990s. It was framed as the ‘shock therapy’ versus ‘gradualism’ debate.
The emotional term ‘shock therapy’ was introduced purposely by the opponents of fast, radical and comprehensive reforms: nobody likes shock or wants to be treated in this way. Opponents argued that …read more
Source: Bruegel