The "Euroization" of Eastern Europe
Wolfgang Münchau, Financial Times | February 23, 2009
The financial crisis is bad, but eurozone members still have some hope given the bail out guarantees. ++ It’s in Central and Eastern Europe that the catastrophe scenario seems too real to escape; the provision of mortgages in foreign currencies and the reluctance to adopt policy to prepare countries for their future transition to the euro combined to create a financial disaster. ++ The way to overcome the mess is to push for the adoption of the euro and “include a firm membership date and a conversion rate, backed up by credible policies.”
