Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

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“Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia” argues that striking the right balance across all dimensions of financial development (stability, efficiency, inclusion, and overall depth) is crucial for achieving and sustaining inclusive growth.

Emerging Europe and Central Asia, perhaps now more than ever, faces the urgent need for financial sector reforms. Reforms are needed not only to make the region more resilient to financial shocks but also to support efforts to strengthen income growth, particularly that of the middle- to lower-income earners, many of whom since the global financial crisis have questioned the benefits of greater economic and financial integration.