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Riga, Latvia. The country is among the hardest hit in the CEE region by the financial crisis (Photo: European Commission)

Financial integration brought dangers for eastern Europe, says report

A new report by the European Bank for Reconstruction and Development warns that European financial integration has brought dangers as well as benefits for central and eastern Europe (CEE), while separate data suggest France is increasingly powering the EU's economic recovery.

Internal reforms and the eventual accession to the European Union in 2004 by eight formerly communist CEE countries brought with it a huge increase in the level of foreign credit and capital entering the area.

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Riga, Latvia. The country is among the hardest hit in the CEE region by the financial crisis (Photo: European Commission)

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