The Economics Institute (EI), established in 1992, is the only workplace of the Academy of Sciences of the Czech Republic in the area of economic research. Cooperating closely with the Centre for Economic Research and Graduate Studies (CERGE) of Charles University in Prague (founded in 1992) and recognizing their overlapping goals and interests, the two institutions entered into a cooperative agreement in 1993, which later evolved into a formal joint workplace agreement in 1999. CERGE-EI has grown to be recognized as a regional centre of educational excellence and has won numerous accolades from US governmental institutions, the European Commission, international grant authorities and research organisations: in 1992 and 1994, the European Community Secretariat of the ACE Programme designated the institution the only "Recognised Centre of Excellence in Ph.D. Studies in Economics" in Central and Eastern Europe, and in 1993 and 1994, CERGE-EI was recognised as a Centre of Excellence in Economics Education and Research by the US Agency for International Development (USAID). As a further indication of overall academic quality, CERGE-EI's PhD in Economics is fully accredited in both the United States and the Czech Republic. Its location in the heart of Europe has proven to be beneficial in attracting high-quality researchers, faculty and students concerned with the impact of social, economic and political transition in the CEE/fSU region. CERGE-EI is a member of NoE DIME, Marie-Curie ESTN PubPolTrans, and its researchers recently participate at numerous FP6 projects (like REFGOV, SHARE, UPP).