2  10  Before, only Romania had witnessed a depreciation as a result of its large and rapidly widening current account deficit. BIS Review 82/2009  Against the background of the global recession and the macroeconomic imbalances in some CESEE countries, the feedback loops between the financial sector and the real economy will trigger severe write-downs in CESEE countries.
In the IMF’s Global Financial Stability Report of April 2009 the potential write-downs for banks active in emerging markets were estimated  BIS Review 82/2009  11  for the first time. Global potential write-downs in emerging markets amount to almost USD 800 billion. The potential write-downs for Eastern Europe are estimated to reach USD 185 billion or 9% of outstanding assets.