era of permanent stagnation with high and rising unemployment. Euro area enters recession, CESEE to follow? Given the … recession. Consolidation fever has spread to the new member states – including those that formally refused to subscribe to the … abate – both within the euro area and outside. After the deep recession that beset almost all CESEE countries in 2009, most …

competitiveness. Furthermore, their weak industrial sectors remain an obstacle to export-led growth. Unemployment still on the rise … Most CESEE countries have been recently shedding labour and unemployment is on the rise - a belated consequence of the … in CESEE budget deficits reflects primarily the recession-induced shortfalls in tax revenues rather than a rise in …

After a long period of convergence, Central, East and Southeast Europe experienced a deep recession in 2009. The … weak rebound of economic activities, unemployment will continue to rise, probably peaking in 2010, before falling slowly to …