As the Swiss National Bank removed its cap against the euro, the risk of borrowing in foreign currencies was made clear, as countries that had been busily borrowing in the Swiss franc reeled at the impact of its sudden appreciation.
Latest articles from Central & Eastern Europe
As the need to resolve the eurozone crisis intensifies, member states seem to be moving further apart on key issues, including the architecture of the union and the terms of Greece's bail-out package. But while political rifts open up, many economists agree that the only way forward is by working towards greater economic integration.
Russia's banks endured a tough 2013, as shown by the results in The Banker's Top 100 ranking, with the picture only likely to get bleaker when the impact of a turbulent 2014 is known.
From dealing with the knock-on effects of the US and EU sanctions on Russia to preparing for the adoption of the euro, Lithuania's finance minister Rimantas Šadžius has been kept busy this year. But, despite the headwinds, Lithuania has managed to record one of the highest GDP growth rates in Europe.
A tumbling exchange rate and sharp interest rate hikes point to growing threats to Russia's financial stability in 2015, even though the central government's debt burden is very low.
Russia has been a key profit driver for several Western European banks and the slide in the rouble will have a significant impact.
The best of the best are celebrated as The Banker crowns the global Bank of the Year, and hands out the laurels for our regional winners and the lender that has excelled the most when it comes to financial inclusion.
2014's best banks from central and eastern Europe.
Romania's minister of economy, Constantin Niţă, talks about the country's economic outlook, the impact of EU membership and the challenges posed by the crisis between neighbouring Ukraine and Russia.