An Occasional Paper published by the European Commission's Directorate-General for Economic and Financial Affairs. The review includes a special focus on the macroeconomic effects of energy price shocks in resource poor CIS countries, which compares the macroeconomic effects of the energy price shock on growth, macroeconomic stability, budget and balance of payments in these energy-importing countries. It also includes regional overviews of economic developments in teh Mediterranean Partner Countries, and in the EU Eastern Neighbourhood, as well as country analyses for all the EU Neighbour Countries.