This Country Focus discusses the factors underlying the external imbalances in Greece. The deterioration in the lending position of the Greek economy mirrors an increasing gap between savings and investment, resulting from a combination of both rising investment and falling savings. Public and...

Since the early 1990s Croatia has managed a rather successful transition process with solid growth, low inflation and exchange rate stability. Better integration into international financial markets, capital account liberalisation and banking sector reform have facilitated access to foreign...