Communications from central bankers across Central and Eastern Europe this week struck a decisively hawkish tone, suggesting that interest rates could be left on hold across most of the region in the next few months until inflation eases more materially. Elsewhere, the decision by the European Commission this week to recommend starting EU accession talks with Ukraine and Moldova is likely to be followed by a long and lengthy negotiation process and an ambitious reform drive. Realistically, EU accession seems unlikely before the end of this decade.
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