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Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community staved off impending financial meltdown and laid the foundations for renewed convergence with western Europe. This book, written by staff of the IMF's European Department that worked on the region at the time, provides a unique account of events: the origins of the crisis and the precrisis policy setting; the crisis trigger and the scramble to avoid the worst; the stabilization and recovery; the remaining challenges; and the lessons for the future. Five regional chapters provide the analytics to put events into perspective. Dedicated chapters for all 19 countries of the region dig deeper into the idiosyncrasies of each economy and provide extensive economic data. A final chapter distills the lessons from the overall regional experience and the wide intraregional diversity. Taken together, they make this book an indispensible reference for economic scholars of the region and beyond.

Global Financial Crisis, 2008-2009 --- Financial crises --- Business & Economics --- Economic Theory --- Global Financial Crisis, 2008-2009. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- E-books --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Investment --- Long-term Capital Movements --- National Government Expenditures and Related Policies: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banking --- Monetary economics --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Credit --- Capital inflows --- Expenditure --- Exchange rates --- Money --- Currencies --- Balance of payments --- Exchange rate arrangements --- Banks and banking --- Capital movements --- Expenditures, Public --- Hungary