How did the economies of central and Western Europe different?

Answer 1

One difference: Western Europe has a much more tried and tested education system that trains labor. This skilled labor provides the skills that are needed by today's global firms. Those in finance, consulting, etc. Those firms move in, hire the skilled labor, produce profits, pay very attractive wages, the money is spent in the economy. It can be used for domestic and import consumption. The money in vast sums circulates in the economy.

Number two: Western European countries use much more liquid and stable currencies. Many other countries put sterling and euros into their national treasuries, rendering these currencies less vulnerable to currency sell-offs/shocks. Investors are more relectant to invest in companies and government debt in countries with very unstable currencies, i.e. there is not much buying interest. These currencies can be very difficult to unload after selling off investments, as there are no willing buyers.