We’re still dancing.“  8  BIS Review 79/2009  In this respect I want to clarify again that Central and Eastern Europe’s economic potential is still intact, and that growth rates in that region will exceed those in Western Europe and the U.S. for the years to come, so these investments are still to be viewed as assets rather than liabilities.
The euro as a shield in stormy times Referring to a particularly negative episode in Austrian and in world financial history, Paul Krugman correctly stated: “Smaller countries – like Austria in 1931 – may once have been at the mercy of financial tides, unable to control their economic destiny” 5 .