The OeNB Euro Survey in Central, Eastern and Southeastern Europe - The 2008 Spring Wave Update

This paper presents the main results of the second wave of the OeNB Euro Survey conducted in Central, Eastern and Southeastern Europe (CESEE) in May/June 2008. The results on foreign currency-denominated assets, both cash and deposits, broadly confirm the picture obtained from the first wave of the survey, namely that the euro plays a dominant role throughout the CESEE region. New evidence on foreign currency loans (FCLs) reveals that the share of FCLs in total household loans is substantial, both in Central and Eastern Europe (CEE) and Southeastern Europe (SEE). The article for the first time presents survey results on people’s general economic sentiment, comprising their assessment of the present and future economic situation, perceived and expected inflation and expected exchange rate developments. Finally, the paper provides an update on the expected date of euro adoption in the EU Member States surveyed.