Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth
Chapter 3: Monetary policy and catching-up in CESEE
This chapter elaborates on the current stage of real convergence of the Central, Eastern and Southeastern European (CESEE) economies as well as on the convergence dynamics, putting a special focus on the period after the global financial crisis. More specifically, convergence is assessed by means of comparative analyses using either the European Union (EU) as a whole or a group of more advanced countries within the EU as a benchmark. In addition, the role of monetary policy is discussed in the context of its supporting and enhancing role in the convergence process. The chapter ends with a section on the structural problems faced by the CESEE region in general as well as challenges and reforms in particular that will need to be implemented to get the region back on track for faster and sustainable convergence and growth.
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