From crisis to recovery: old and new challenges in emerging Europe

Since 2008, Emerging Europe has been in the grip of a severe economic and financial crisis. The region is now gradually recovering but the speed and sustainability of this recovery and the prospects for economic reconvergence with the rest of the EU are still uncertain. Against this background, policy makers, high-level practitioners and experts from central banks, international institutions and academia identify the main reasons for the crisis and the main challenges for the recovery process. Essays highlight the significant cross-country differences within Emerging Europe including the Western Balkans and the Commonwealth of Independent States, focusing on the region's growth model as well as the pros and cons of financial integration and the challenges to financial stability.

Convergence in Central and Eastern Europe: Lessons and Non-Lessons from the Crisis-- L.B.Smaghi Crisis and Recovery in Emerging Europe: the Policy Response in Retrospect and Challenges Ahead-- J.Stark A Fragile Recovery: Emerging Europe since the 2008-9 Crisis-- Y.Koriyenko, F.Ohnsorge, F.Ricka & J.Zettelmeyer Emerging Europe: Refining the Growth Model to Support Sustainable Convergence-- B.B.Bakker & Y.Sun Emerging Europe in the Great Recession: Is Europe Different? F.Coricell Balance Sheet Repair and Reviving Private Sector Lending-- P.Mooslecner & T.Reininger Challenges after the Crisis in Emerging Europe: A Look Outside the EU Borders-- K.Buysse & F.Gurtner