After months of slippage, the MSCI emerging market index inched into positive territory in early September, supported by double-digit gains in the new EU members of central Europe.

But after gaining admission in May, the pace of foreign investor inflows to the Czech Republic, Hungary, Poland and elsewhere has slowed and may imperil continued outperformance. Post-entry re-examination highlights persistent doubts about fiscal and bourse viability, coinciding with the simultaneous turnover of political leadership in the "big three".