2006-10-17
Presentation of the view of the IMF experts on the outlook of economic development of Central and Eastern European countries
On 17 October, Ms. Susan Schadler, Deputy Director of the European Department of the International Monetary Fund (IMF), visited the Bank of Lithuania and presented an overview of the economic development outlook of the Central and Eastern European states and the related risks, as well as the necessary economic policy measures, as viewed by the IMF.
“It is a welcome idea for the high level staff of the IMF to visit individual countries and present their assessment of specific regions to a wider circle of economic experts. It is a good opportunity not only to present the view of the IMF, but also to discuss potential alternatives of the economic policy and to better formulate economic policy decisions”, said Ms. Ramune Zabuliene, Deputy Chairperson of the Board of the Bank of Lithuania, who opened the event.
Ms Ramune Zabuliene noted that the view of the IMF experts on the economic prospects of our region is presented at a very favourable moment, when the state budget of the next year is under consideration, discussions on the prospects of the euro adoption take place and the convergence programme of Lithuania is being updated.
“About a year ago we in the European Department began to experiment with presentations of our views on regional developments. The aim is not to recapitulate the analysis and policy advice we provide in bilateral Article IV consultations, but rather to complement that with a view of developments across countries facing similar issues. We hope this allows us and you to discern common trends and draw inferences from similar or dissimilar policy responses”, said Susan Schadler.
She noted that “the presentation will review the region’s vulnerabilities, opportunities and challenges. It will address a number of related questions: How does economic performance in the CECs measure up by emerging market standards? Does this performance warrant markets’ relatively favorable perception of risks? Will postponing Euro adoption, be it by choice or by circumstance, matter? What are the policy imperatives to minimize risks and sustain growth given the important uncertainties these countries face?”
The representatives of the Bank of Lithuania, the Seimas, the Ministry of Finance, other public institutions, academic society, business and the media were invited to the presentation. Central bank specialists from Estonia Latvia and Poland participated too.
The seminar was attended by Mr. Christoph B. Rosenberg, the IMF representative for Central Europe and the Baltic states, who is resident in Warsaw. There, in Warsaw, the IMF Regional Office is located, which maintains relations with Lithuania and seven other countries.
Lithuania is a member of the IMF since 1992. Currently, the IMF membership comprises 184 countries. Economic consultations according to Article IV of the IMF Articles of Agreement are conducted on the basis of a 12-month cycle.
The presentation Regional Outlook: New EU members from Central and Eastern Europe - Anchoring Policies in Uncertain Times (Fall 2006) is available on the website.