Financial Crisis In Central And Eastern Europe: From Similarity To Diversity

The financial crisis of 2008-2009 has become the most serious challenge for the Central and Eastern European countries after they had completed the process of post-socialist transformation and becameEU members. The negative impacts of the recession on their most important international partners multiplied their own tensions and imbalances which - in some cases - have led to a dramatic decline ofthe GDP and serious cuts in public spending and personal incomes.The situation within the group is far from uniform. On the one hand we have Poland - the only country in Europe that has not gone through a recession, and on the other hand there are the Baltic Republics that have lost some one fifth of their output. Also, the anti-crisis policies implemented in particular countries were stronglydifferentiated.