Reaching Out in a Time of Crisis: How External Anchors Assist Southeastern Europe

Jens Bastian

Chapter 12 in Europe and the Financial Crisis, 2011, pp 218-241 from Palgrave Macmillan

Abstract: Abstract With the economic crisis starting to assert itself in the second half of 2008 in Southeast Europe, the manner in which governments and central banks initially reacted highlighted a mixture of political unpreparedness, at times outright denial and exposed manifest institutional limitations to act quickly and decisively. If the economic crisis in the region could be reduced to one single phenomenon, and it is arguably delicate to do so, it would be this: the fact that nobody in power saw it coming and hardly anybody knew what to do next. Put otherwise, crisis management and crisis resistance capacity were both in short supply when a twin external shock started to manifest itself in mid-2008 in the region.

Keywords: Central Bank; Banking Sector; Foreign Currency; European Central Bank; Credit Line (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30500-7_13

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DOI: 10.1057/9780230305007_13

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