ECB paper on financial stability challenges

The ECB Occasional Paper 'Macroeconomic and financial stability challenges for acceding and candidate countries' reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and Turkey).

In an environment characterised by strong growth and capital inflows, the main macroeconomic challenges relate to the recent pick-up of inflation and the large and widening current account deficits. Moreover, rapid credit growth has been a recent

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