Austria’s Nowotny advocates new growth strategy for emerging Europe

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Growth rates that averaged double digits in some central and eastern European countries in the run-up to the financial crisis on the back of large capital inflows have been shown to be unsustainable, Ewald Nowotny, governor of the National Bank of Austria, said in a speech on November 26.

Speaking at the European Economic Integration Conference in Helsinki, Nowotny said countries should work towards a new growth model that is both sustainable and achieves a "brisk catching up process". He noted

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