This is partly due to the fact that the new EU Member States are mostly small and open economies, and are thus very exposed to changes in import prices, including energy prices.
And there is still a good deal left to be done, as the markets themselves acknowledge. Recent studies by the IMF and the OECD show that the markets still assume that, if push came to shove, the state would not let big banks go under. And it’s true that there are two problems relating to credible resolution mechanisms which have yet to be resolved.