-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 ZUBOZLcr70f7rES+mm6pCg==

<SEC-DOCUMENT>0000922423-98-000245.txt : 19980219
<SEC-HEADER>0000922423-98-000245.hdr.sgml : 19980219
ACCESSION NUMBER:		0000922423-98-000245
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980218
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPEAN EQUITY FUND INC /MD/
		CENTRAL INDEX KEY:			0000860489
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-49273
		FILM NUMBER:		98544360

	BUSINESS ADDRESS:	
		STREET 1:		31 WEST 52ND ST
		STREET 2:		C/O DEUTSCHE BANK CAPITAL CORP
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2124747000

	MAIL ADDRESS:	
		STREET 1:		31 WEST 52ND STREET
		STREET 2:		C/O DEUTSCHE BANK CAPITAL CORP
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUTURE GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED GERMANY FUND INC
		DATE OF NAME CHANGE:	19900219

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAZARD FRERES & CO LLC
		CENTRAL INDEX KEY:			0000732892
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		30 ROCKFELLER PLZ
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	MAIL ADDRESS:	
		STREET 1:		30 ROCKEFELLER PLZ
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G
<TEXT>


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                   -----------


                                  SCHEDULE 13G



             INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934



                       Central European Equity Fund, Inc.
                       ----------------------------------
                                (Name of Issuer)



                                     Common
                         ------------------------------
                         (Title of Class of Securities)



                                   153436-10-0
                                 --------------
                                 (CUSIP Number)









                                Page 1 of 5 Pages







<PAGE>



                                                                    SCHEDULE 13G

CUSIP No.  153436-10-0
- ----------------------
1)       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Lazard Freres & Co. LLC
- --------------------------------------------------------------------------------
2)       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP             (a)   |_|

                                                                      (b)   |_|
- --------------------------------------------------------------------------------
3)       SEC USE ONLY

- --------------------------------------------------------------------------------
4)       CITIZENSHIP OR PLACE OF ORGANIZATION

         New York
- --------------------------------------------------------------------------------
                           5)       SOLE VOTING POWER

         NUMBER                     631,128
                           -----------------------------------------------------
         OF                6)       SHARED VOTING POWER
         SHARES
         BENEFICIALLY               None
                           -----------------------------------------------------
         OWNED BY          7)       SOLE DISPOSITIVE POWER
         EACH
         REPORTING                  633,314
                           -----------------------------------------------------
         PERSON            8)       SHARED DISPOSITIVE POWER
         WITH                       None
- --------------------------------------------------------------------------------
9)       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         633,314
- --------------------------------------------------------------------------------
10)      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES 
                                                                            |_|
- --------------------------------------------------------------------------------
11)      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.21%
- --------------------------------------------------------------------------------
12)      TYPE OF REPORTING PERSON

         IA
- --------------------------------------------------------------------------------


<PAGE>



                                  Schedule 13G
                                  ------------

Item 1(a).                 Name of Issuer:

Central European Equity Fund, Inc.

Item 1(b).                 Address of Issuer's Principal Executive Offices:

31 West 52nd Street
New York, NY
10019

Item 2(a).                 Name of Person Filing:

Lazard Freres & Co. LLC

Item 2(b).                 Address of Principal Business Office or, if None,
                           Residence:

30 Rockefeller Plaza
New York, New York  10020

Item 2(c).                 Citizenship:

New York Limited Liability Company

Item 2(d).                 Title of Class of Securities:

Common Stock

Item 2(e).                 CUSIP Number:   153436-10-0

Item 3.                    If this statement is filed pursuant to Rules 
                           13d-1(b), or 13d-2(b), check whether the person
                           filing is a:

         |_|   (a)  Broker or Dealer Registered Under Section 15 of the Act

         |_|   (e)  Investment Adviser registered under section 203 of the
                    Investment Advisers Act of 1940

Item 4.           Ownership.

         (a) Amount beneficially owned: 633,314

         (b) percent of class: 5.21%

         (c) Number of shares as to which such person has:



<PAGE>




                  (i)   Sole power to vote or to direct the vote: 631,128

                  (ii)  Shared power to vote or to direct the vote: None

                  (iii) Sole power to dispose or to direct the disposition  of:
                        633,314

                  (iv)  Shared power to dispose or to direct the disposition of:
                        None

Item 5.           Ownership of Five Percent or Less of a Class.

                  Not applicable

Item 6.           Ownership of More than Five Percent on Behalf of Another
                  Person.

                  Clients  of the  Reporting  Person  have the right to  receive
dividends and proceeds of sale of the securities  reported on this Schedule.  To
the knowledge of the Reporting  Person,  no such person has an interest relating
to more than five percent of the class of such securities.

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on by the Parent Holding
                  Company.

                  Not applicable

Item 8.           Identification and Classification of Members of the Group.

                  Not applicable

Item 9.           Notice of Dissolution of Group.

                  Not applicable

Item 10.          Certification.

                  By signing  below I certify  that, to the best of my knowledge
and  belief,  the  securities  referred to above were  acquired in the  ordinary
course of business  and were not acquired for the purpose of and do not have the
effect of changing or influencing  the control of the issuer of such  securities
and were not acquired in connection  with or as a participant in any transaction
having such purposes or effect.



<PAGE>



                                    SIGNATURE
                                    ---------

         After  reasonable  inquiry and to the best  knowledge and belief of the
undersigned,  the  undersigned  certifies that the information set forth in this
Statement is true, complete and correct.


Date:    February 13, 1998


                                            /s/ Donald E. Klein
                                            ------------------------------------
                                            Donald E. Klein
                                            Vice President


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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