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Central & eastern EuropeSeptember 1 2015

What now for development banks in central and eastern Europe?

International financial institutions remain crucial in central and eastern Europe as the fallout from the financial crisis continues to make its presence felt. But just how far should these development banks go in helping to resolve the various crises that have hit the countries of this region in recent years?
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Central and eastern Europe (CEE) is a region of great diversity. From ‘old’ EU member states such as Poland to ‘new’ ones such as Bulgaria, to EU candidate states such as Serbia, Ukraine and Turkey – some 21 countries* with a cumulative gross domestic product (GDP) of $2577bn as of 2014, according to data from the International Monetary Fund (IMF).

With the fall of the Soviet Union and efforts to transform the eastern European countries into market economies, a large range of international financial institutions (IFIs) emerged in the region ready to offer their support. Some 25 years later, however, there still is a ‘market’ for IFI capital.

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