Ukraine is currently fighting for its survival while at the same time preparing for EU accession and making reforms consistent with its IMF program. What is it exactly ahead of Ukraine in terms of institutional changes and reforms more generally? What do we know from the first three decades of transition from the communist system of the countries in the Soviet bloc to market economies in the region. How did transition countries that chose the path toward EU membership fare compared to the ones that stayed away from the union. Looking ahead, what are the challenges associated with Ukraine (Moldova, Georgia and other countries) joining the European union.