in the respective countries of the region. The unfolding process of transition to market economies, as well as the ensuing democratization, will definitely have a positive impact on world-wide economic co-operation, which is one of the major topics of our deliberations. First of all, the new non-confrontational foreign policy pursued by most of these nations as an integral part of their new endeavours will hoPefully foster the incremental irrelevance of the East-West conflict and the gradual settlement of regional crises often fomented by bipolar confrontation will release not insignificant funds for development and the management of a rapidly deteriorating global environment. JP/ASW A/S-18/PV. 5 71 (Mr. Somoqyi, Hunqary) In a world beyond bipolarity, international institutions will finally cease to be the forums of ideoloqy-driven inter-bloc confrontation. Instead these qlobal institutions may now have a reasonable chance to carry out the tasks they were devised for: to provide norms, rules and instruments for facilitatinq international co-operation and conflict manaqement. In addition, it is an undisputed fact that sound national policies indeed play a central role in overall world economic development. The persistent shift to market economies in many countries of Eastern and Central Europe is supposed not only to prevent further marqinalization of these economies, but also to expand the qains accruinq from an enhanced multilateral trading and financial system, to the benefit of all parts of the world economy. Finally, if and where chanqes in Eastern and Central Europe qo beyond the threshold in the process of chanqinq the system, institutional and structural incompatibilities, which have thus far hindered their normal tradinq and financial relations more than any policy-induced constraints, will be removed, thus releas inq new potentials for overall ~velopment, too. Hunqary is firmly committed to cnmpletinq the process of chanqinq its systems 
**Analysis**
The text primarily discusses the impact of the transition to market economies and democratization in Eastern and Central Europe on the global economy and international institutions. It highlights the potential benefits of this process, including increased cooperation, reduced conflict, and economic development. The text also mentions the importance of sound national policies and the role of international institutions in facilitating cooperation and conflict management.

**Category**
Economic development, International trade