Central and eastern Europe can look forward to a “possible beginning of the end of the crisis”, Thomas Mirow, president of the European Bank for Reconstruction and Development, said on Thursday in an unexpectedly upbeat review of the region’s economic outlook.

Echoing positive comments this week from Jean-Claude Trichet, president of the European Central Bank, and other central bankers, Mr Mirow said: “As we meet, there is growing talk about the possible beginning of the end of the crisis. Banks are reporting better results than expected and confidence indicators are starting to point upwards again.”