The latest activity data suggest that growth across Emerging Europe has strengthened in recent months, but there are a few clouds on the horizon. For a start, the latest data from Germany, the largest export market for much of the region, have softened. What’s more, the region’s banks have come back under the spotlight following a run on deposits at two Bulgarian banks last week. As it happens, there hasn’t been any contagion to the rest of the region and we don’t think there will be. But it does serve as a reminder that some countries’ financial sectors are still fragile and problems are likely to flare up from time to time.
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