The article looks at how countries in emerging Europe and the CIS can grow without becoming vulnerable to financial crises. By analyzing different growth and vulnerability patterns, the researchers found that macroeconomic and structural policies play a big role in shaping a country's economic outcomes. Before the global financial crisis, many countries in the region saw large capital inflows, which can make managing the economy tricky and increase vulnerability. However, the study shows that the right policies can help countries balance growth and vulnerability effectively.