TOO SOON TO SAY GOODNIGHT VIENNA

摘要

The effects of eurozone deleveraging on central and eastern Europe should not be exaggerated, but certain countries look particularly exposed, especially in the Balkans. And the principles of European integration are under pressure. When the financial crisis struck in 2008, mar-kets feared that the unprecedented capital inflows to central and eastern Europe (CEE) during the boom years might sharply reverse, causing a sudden stop in the region's economies. National central banks and regulators, multilateral organisations such as the European Bank for Reconstruction and Development (EBRD) and cross-border banking groups active in the region came together in Vienna in January 2009 to coordinate a response that helped avoid a worst-case scenario.