KIEV – Two years ago, five of the ten new East European members of the European Union – the three Baltic states, Hungary, and Romania – appeared to be devastated by the global financial crisis. Social unrest, huge devaluations, and populist protests loomed.
And then nothing. Today, all of these countries are returning to financial health and economic growth without significant disruption. No country has even changed its exchange-rate regime. Old Europe should learn from New Europe’s untold success.