Hence, it should have an expansionary effect and will contribute to growth and employment, especially in Austria and Germany. •  When analyzing the fiscal consolidation in CESEE, the REI finds that, despite improvements in the quality of budgets in recent years, large fiscal challenges still remain. Especially in the SEE region, sizeable budgetary adjustments are needed.
Just a few words on today’s seminar: We will start out with two presentations:  BIS central bankers’ speeches  1  The first one on „CESEE Outlook, Risks and Policy Priorities“, will be given by Mr. Jörg Decressin. The second presentation by Mr. Johannes Wiegand will deal with “Reconciling Fiscal Consolidation and Growth in CESEE”.