This paper discusses a request from Congo for the Rapid-Access Component of the Exogenous Shocks Facility. Performance on the 2008 staff-monitored program was mixed, complicated by the effects of the exogenous shock. Although weaknesses remain, the authorities strengthened public financial...

Myanmar is a low-income country, and with the right reforms, it can realize its rich economic potential. The government has embarked on a bold and historic set of reforms, which are already bearing fruit. Executive Directors support the steps for ensuring macroeconomic stability. Exchange rate...

Poland’s economy has recovered well in 2010–11, reflecting strong economic fundamentals and decisive countercyclical policies. Poland’s strong trade and financial links to Europe continue to make it vulnerable to potential shocks from the region. Despite the difficult...

I analyze spillover effects from Euro area monetary policy shocks to thirteen EU countries outside the Euro area, i.e., ten countries from Central and Eastern Europe (CEE) and three Western EU members. The analysis is based on a FAVAR model with two blocks which exploits a large cross-country...