Eastern Europe affected by eurozone crisis
18 May 2012 Last updated at 10:22 BST
When the eurozone sneezes, the whole region catches cold.
A number of emerging European countries such as Hungary had only just begun to recover from the financial crisis and now they face a fresh crisis.
This is because of a shrinking demand for their goods and services in austerity-hit western economies but also a shortage of credit from Western-owned banks that are too scared to lend to East European firms and households.
Jeromin Zettelmeyer is Deputy Chief Economist and Director of Research at the European Bank for Reconstruction and Development. He told the BBC that East European countries are still keen to join the euro.