Loading ...‘Banking systems and payment systems did not go bankrupt, national currency did not collapse, no answers of populist or coercive policies were reported, the pace of reforms has slowed down, but their sense did not reverse. By these coordinates, the current crisis is contrasting with the previous crises which hit emerging countries,’ said Berglof.
He said that because the integration of emerging countries, exposition of exports and the presence foreign banks on local markets the crisis spread rapidly, however they helped the mitigation of its consequences as well. EBRD estimates that in 2009 the region will report an average diminution of production worth some 6.3 percent, whereas five states will report a two-digit decline – Baltic countries, Ukraine and Armenia.
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