This month University of New York in Prague was thankful and privileged to have had Professor John (Iannis) Mourmouras, Deputy Governor of the Bank of Greece, present his lecture entitled “Recent developments in the European Union: a look to the East” to our graduate and undergraduate students. Professor Mourmouras opened his lecture with a few thoughts on some of the key issues on the political and economic agenda, looking into the major risks for the global economy and then turning to the current state of the eurozone economy and architecture, as the euro turns 20 this year. He also focuses on the Central and Eastern European (CEE) states 15 years after their entry into the European Union, and points out the macroeconomic situation of the Czech Republic, with its potential entry into the eurozone.