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Reaching Out in a Time of Crisis: How External Anchors Assist Southeastern Europe

In: Europe and the Financial Crisis

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  • Jens Bastian

Abstract

With the economic crisis starting to assert itself in the second half of 2008 in Southeast Europe, the manner in which governments and central banks initially reacted highlighted a mixture of political unpreparedness, at times outright denial and exposed manifest institutional limitations to act quickly and decisively. If the economic crisis in the region could be reduced to one single phenomenon, and it is arguably delicate to do so, it would be this: the fact that nobody in power saw it coming and hardly anybody knew what to do next. Put otherwise, crisis management and crisis resistance capacity were both in short supply when a twin external shock started to manifest itself in mid-2008 in the region.

Suggested Citation

  • Jens Bastian, 2011. "Reaching Out in a Time of Crisis: How External Anchors Assist Southeastern Europe," Palgrave Macmillan Books, in: Pompeo Posta & Leila Simona Talani (ed.), Europe and the Financial Crisis, chapter 12, pages 218-241, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30500-7_13
    DOI: 10.1057/9780230305007_13
    as

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