Eurobank’s Regional Monthly April 2015

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Regional Economics & Market Strategy Monthly (April 2015)

Lower energy prices & ECB QE driving macro developments in the region 

• 2015-2016 growth prospects improving
• Decline of energy prices expected to have multiple benefits for economies in the region
• Most regional central banks to remain accommodative for the remainder of the year 

• CESEE assets rally on ECB asset purchase program
• CESEE currencies mostly firmer year-to-date; sovereign debt rally favors
• ECB QE to continue providing support to regional asset markets, but risks linger

• Bulgaria: Modest fiscal consolidation on the cards, following last year’s deterioration
• Cyprus: External sector headwinds threatening timid recovery prospects in 2015
• Romania: Sustained improvement in private consumption spending supports 2015 growth outlook
• Serbia: Fiscal position on the mend

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COMPILED REGIONAL MONTHLY APRIL 2015