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This paper addresses the issues of the real convergence of the Czech economy to the European Union in the pre-accession period. One of the most important aspects of the transformation is without any doubt to create conditions for an overall modernization and catching-up process resulting in closing the economic performance gap between the post-soviet economy and the EU. The ten years of transformation of the Czech economy brought about an uneven modernization and only modest results from this point of view. The macroeconomic data show stagflationary tendencies, and we may speak about some three to four years lost from this point of view. Only after 1999 can we see clear signs of real convergence.