“…44 This is in contrast with the long held view, advocated by Buiter and Grafe (2002) and Szapáry (2003) among others, that new EU member states in Central and Eastern Europe would not be able to fulfill the Maastricht criterion on price stability because of the B-S effect. New view (low estimates) Burgess et al (2003) Lommatzsch and Tober (2003) and Égert et al (2003) put the size of the B-S effect to 0% (1990 to 1996), to 0.1% (1995)(1996)(1997)(1998)(1999)(2000)(2001)(2002) and to 0.55% (1995)(1996)(1997)(1998)(1999)(2000), respectively.) EE=Estnia, LV=Latvia, LT=Lithuania, CZ=Czech Republic, HU=Hungary, PL=Poland, SK=Slovakia, SI=Slovenia, BG=Bulgaria, HR=Croatia, RO=Romania, RU=Russia, UA=Ukraine.…”