Publication Date
11-24-2010
Description
My remarks this morning will be focused on the question whether the European Union (EU) membership has helped or hindered the East and Central European (ECE) countries in coping with the recent global financial crisis. Before I delve into this question, let me suggest that the economic structure and institutions that the ECE countries had inherited from the Soviet dominated political relationship in the 1990s were quite different from the well established economics of the Western European Countries (WECs). The decade of 1990s was spent by the ECE countries in privatizing state-owned enterprises and banks, establishing autonomous central banks and regulatory structures and laying foundations for institutions that support markets. Therefore their response capacity to the crisis must be judged against this fundamental structural difference between the ECE and WEC blocks.
Recommended Citation
Husain, I. (2010). East and Central Europe: The Impact of the 2008–09 Global Financial Crisis. Retrieved from https://ir.iba.edu.pk/faculty-research-talks-speeches/44
Notes
Keynote address at International Seminar on East and Central Europe organized by the Area Study Centre for Europe, University of Karachi on November 24-25, 2010