Cover IMF Working Papers
Five Years After: European Union Membership and Macro-Financial Stability in the New Member States
Author: Mr. Martin Cihakhttps://orcid.org/0000-0002-3571-9707 and Mr. Wim Fonteyne
Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 068
Language:
English
Publication Date:
01 Mar 2009
DOI:
https://doi.org/10.5089/9781451872156.001
ISBN:
9781451872156
ISSN:
1018-5941
Pages:
67
Keywords:
WP; EU membership; NMS country; country authorities; sovereign bond
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund