policy. Their impact is comparable to that of fiscal stimuli, albeit better inasmuch as they do not give rise to new debt. A …

public debt levels continues to set the tone throughout Europe, as epitomized by the Fiscal Compact. But, were the Fiscal … other countries) indicates that the ‘rebalancing’ of 2009 may have been a temporary phenomenon. Household consumption and … Kazakhstan, Russia and Ukraine. In 2012, consumption growth will sag still more in most new EU member states and across the …

consumption in most CESEE countries, with the exception of Russia, Ukraine, Kazakhstan and the Baltic states. In turn, investment …

The present economic crisis bears all the familiar hallmarks of the financial, debt-related and structural aspects of … circle of low growth, high interest rates and unsustainable debt. These three countries, as well as the Baltic states, are … crisis brought about a need to correct strong external imbalances and the excessive private sector debt build-up prior to the …