Should convertibility be brought about at one blow or gradually? Is it a precondition of sound general policies or one of their objectives? Should all the steps be worked out in advance or should action be adapted to changing circumstances? Must convertibility be accompanied by general liberalization or is protection justified during a transitional period? Should countries act unilaterally or in agreement with others? Almost all possible answers to these questions have advocates among the economists from East and West whose views are set out in this interesting volume. In addition the situation of each of the east European countries is examined by some of their academics and officials.