Challenges for central banks in the new member states

Their banks are in many cases foreign-owned. Their current accounts have been heavily financed by foreign direct investment. Their exchange regimes are "corner solutions" - flexible rates or hard pegs. In financial supervision, they have embraced Basel/European Union standards and are working to make them fully effective. And they join the EU in May, having opened their capital accounts fully en route. Have the eight new EU members in the Baltic and Central Europe hardwired financial stability -

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