And it has had deep economic consequences for the CESEE region in particular. Russia’s unjustified war against Ukraine and its people is a human tragedy. A series of shocks have upended our old reality and replaced it with new uncertainties.ĭevastatingly, one of those shocks has been the outbreak of war in Europe – an event that we once thought consigned to the history books. īut the world has changed dramatically since we last held this conference in 2019. And this strong growth has led to rising living standards, with average GDP per capita jumping from 36% to 54% of the euro area aggregate in the same period.
The CESEE region – which comprises 21 different economies – can overall be considered a European success story in recent decades, having enjoyed rapid convergence towards higher-income countries.īetween 20, the economic size of the region almost doubled to 40% of the euro area aggregate. It is a great pleasure to open the ninth ECB conference on central, eastern and south-eastern European countries. Welcome address by Christine Lagarde, President of the ECB, at the 9th ECB conference on central, eastern and south-eastern European countries
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