This paper concentrates on the process of transition in eight Central-East European countries after the collapse of the Berlin Wall until the EU entry in 2005. It was a painful process: the countries involved emerged from the communist period with a different backgrounds but with a common motivation to rebuild the market economy. The data show a clear split among the former Comecon countries with favorable results for the CEE countries, but differences can be observed among the CEEs too.

The research addresses the common and the different points of privatisation process, the re-establishment of the financial side of the economy, the revival of stock and commodity markets, the economic revival and recent differences in macroeconomic performance.

The transition veryfied the idea of Adam Smith about the individual driving force of economic activity. All the countries could accomplish the goal of resetting the market and financial functions in their economies in spite of the differences at the startline with and amasing skills.

The historically unparalleled process at the beginning caused much trouble, required different tactics and resulted in different polices. The differences appeared in behaviors to investors too. Finally, however, the policies applied come close to each other and the changeover to a private economy was concluded successfully. The successful accession to the EU proves that the countries were able the fullfill the requirements of the integrated and matured EU market environment.

At the same time one should mention, that some unsolved issues remained on the table especially on the macro-spheres such as welfare and public administration.