The Russian Bear Hasn't Mauled Central Europe

In fact, the crisis is serving to speed up efforts at reform

From Malaysia to Brazil, markets and currencies are still quaking from the effects of Russia's mid-August financial collapse. But the emerging-market region closest to Russia--Central Europe--seems to be taking it all in stride. Despite a slump in the Warsaw, Prague, and Budapest stock markets, the worst may be over. "There's no need to run out and buy sugar and flour," says Bohdan Wyznikiewicz, a director of the Gdansk Institute for Market Economics in Poland. "We are not very touched by this crisis."

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