Introduction

Thierry Bracke and Reiner Martin
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Thierry Bracke: European Central Bank

A chapter in From Crisis to Recovery, 2012, pp 1-5 from Palgrave Macmillan

Abstract: Abstract Following years of sustained economic growth and rapid convergence in income levels towards western European standards, emerging Europe was severely hit by the shockwaves of the global economic crisis that started with the collapse of Lehman Brothers in October 2008. These shockwaves, compounded by domestic economic weaknesses, triggered a recession, or at least a severe slowdown, across Central, Eastern and South-Eastern Europe. As of the second half of 2011, the region was partly recovering from this slowdown, but the outlook remained extremely uncertain. While some data suggested that economic recovery was returning and gaining traction, downside risks still loomed large, as the global outlook remained highly uncertain and domestic vulnerabilities continued to act as a drag on growth in some countries.

Keywords: Euro Area; European Central Bank; Capital Inflow; Downside Risk; Foreign Financing (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-03483-0_1

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DOI: 10.1057/9781137034830_1

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