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International Monetary Fund. European Dept.


Growth in Europe is expected to slow significantly in 2008–09, reflecting spillovers from weaker global growth, rising commodity prices, and the strains in financial markets. Meanwhile, inflation has picked up, driven by a surge in food and energy prices. The challenges for policymakers in advanced economies are to restore confidence in the financial system and support real activity while maintaining inflation credibility and safeguarding long-term fiscal sustainability. In emerging Europe, policies need to focus on reducing vulnerabilities and strengthening the resilience of the financial system.