01806cas a2200253 a 4500 AALejournalIMF005706 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451872156 1018-5941 BD-DhAAL BD-DhAAL Cihak, Martin. Five Years After : European Union Membership and Macro-Financial Stability in the New Member States / Martin Cihak, Wim Fonteyne. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (67 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted. Mode of access: Internet Fonteyne, Wim. IMF Working Papers; Working Paper ; No. 2009/068 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/068/001.2009.issue-068-en.xml IMF e-Library