Five Years After : European Union Membership and Macro-Financial Stability in the New Member States

Author/Editor:

Martin Cihak ; Wim Fonteyne

Publication Date:

March 1, 2009

Electronic Access:

Free Full text (PDF file size is 1089 KB).Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.

Series:

Working Paper No. 09/68

Subject:

English

Publication Date:

March 1, 2009

ISBN/ISSN:

9781451872156/1018-5941

Stock No:

WPIEA2009068

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

67

Please address any questions about this title to publications@imf.org