The Impact Of The Global Economic And Financial Crisis On Central, Eastern And South-Eastern Europe A Stock-Taking Exercise
The paper first reviews the main drivers of the growth and real convergence process in Central, Eastern and South-Eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The main part of the paper reviews financial and real economic developments in these countries since the crisis started to impact the CESEE region. The paper finds that developments have been rather heterogeneous in the region. CESEE countries with the largest economic imbalances tended to be most affected.