The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Emerging Europe will need help to fight the coronavirus downturn

Coronavirus Covid-19 knows no borders, but the economic support packages being put in place sadly do.


As the crisis gathers momentum and countries such as the UK, US and Germany announce stimulus packages amounting to 10% to 15% of GDP, the possibility has to be faced that central and southeastern Europe (CESEE) will need support of the same order. But who will pay for it?

In theory, the region is in good economic shape. GDP growth has averaged around 3.5% over the past three years. As a result, budget deficits have been mostly moderate and government debt-to-GDP ratios have been steadily declining – to below 50% in several cases.

At the start of the Covid-19 outbreak, that looked sufficient to cushion the impact of a few weeks of lockdown. That view now seems naïve, especially when it comes to the poorer European Union members such as Romania and Bulgaria and the accession states of the western Balkans.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?