In an interview with Gazeta Wyborcza, Reza Moghadam, director of the IMF´s European Department, says that the weakness of the CESEE region is not only cyclical.
According to Moghadam, the CESEE region is confronted with a number of unsolved issues. After a period of rapid growth rates, the economy deteriorated substantially after 2008. This was mainly due to the stop of capital inflows and the collapse in global trade, Moghadam told Gazeta Wyborcza.