The rhythm of financial development in south-eastern Europe has accelerated. In a setting of low inflation and robust growth, domestic credit and cross-border flows are expanding. This process can strengthen real convergence by supporting productivity gains that enhance competitiveness and a...

Over the past decade two transformations have changed the landscape of Europe: the European Union and the transition in East European countries. Countries like Estonia, Hungary, and Poland have become “converging†countries more than emerging countries. Their experience offers insight...

The striking turnaround in the Netherlands' economic performance over the past decade and a half has attracted widespread attention. Emerging from deep recession and high unemployment in the early 1980s, the economy shifted to a pace of growth more rapid than that in neighboring economies, and...