•  A third factor that explains the better resilience of the regional economies is the fact (perhaps not sufficiently recognized) that macro-economic management has improved markedly in regional economies over the last several years. This is reflected in some of the main economic parameters. Fiscal deficits have been reduced; public debt has declined; and net international reserves have risen sharply.
All these factors have increased the resilience of regional economies. (Charts 12 and 13)  Let me stress that while the direct spillovers from the global financial turmoil to the regional economies appear to have been contained so far, I am by no means suggesting that the region will not feel greater effects as time goes by.