Many non-EU emerging European economies, including EU candidate and potential candidate countries, recorded a strong fall in external and domestic demand, amid mounting concerns over financial stability and increased uncertainty about the availability of external financing.
While policymakers in these countries currently focus rather on the entry into the EU and not on euro adoption, the need for sustainable convergence is still high on their agenda. Overall, non-EU emerging European economies are in the early stages of catching-up in income levels with those of the EU.