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.