Lifeguard 
of Europe’s economy

The global crisis as seen by an experienced economist: The reasons for the collapse of financial markets and what lies in store for the countries in our part of Europe. The following interview forms an introduction to a paper to be delivered by Prof. Leszek Balcerowicz at the ‘Eurobuild CEE’ conference: “Crisis or Correction” Emil Górecki, ‘Eurobuild CEE’: Have we now had all the bad news about the world’s economy or are there still nasty surprises around the corner which could further exacerbate the economic situation?Leszek Balcerowicz: The global economy is experiencing a period of unusual instability. The current prognoses, including those of the International Monetary Fund, do not envisage a sudden deterioration of the situation. The effects of the financial crisis will, obviously, be increasingly palpable for the rest of the economy in the form of recession, according to current forecasts, but what is not predicted is for the develope