Since the establishment of a market economy in Central and Eastern European (CEE) countries  over the last two decades, their economic transition has been completed. Globalization and Europeanization have created favorable circumstances for the development of Central and Eastern European countries. However fluctuations in the global economy also pose potential risks for CEE. The current global financial crisis will not lead to the abandonment of CEE’s existing growth model, yet neither will it rule out the fine-tuning of its current model. The shock from the global financial crisis is a wake-up call to CEE’s "reform fatigue syndrome," It also provides an opportunity to further accelerate the reforms.