Estonia's accession to the EU in 2005 led to a period of above-potential growth, fostered by expansionary monetary conditions. The predominance of foreign-owned banks accelerated the process of financial integration. Financial flows, while massive, were mostly directed at the non-tradable...

This Country Focus analyses and interprets the statistical characteristics of the Polish business cycle. It also identifies leading and lagging variables and shows that the economic fluctuations in Poland differ to some extent from those in other emerging and mature economies, with Polish growth...

The economic crisis, the second economic shock to hit the Eastern Europe and the South Caucasus region after the collapse of the Soviet Union, has been a warning and a call to action. The region has many advantages and much potential, but some of this was squandered during the boom years of the...