Even nations which have implemented serious reform programs, like the Baltic States, could make further improvements.
FORBES: The Triumph Of Good Economics: 'Austere' Baltic States Outgrow Their European Neighbors
Latvia scored lowest of the three Baltic states in the 2012 Index of Economic Freedom.
FORBES: The Triumph Of Good Economics: 'Austere' Baltic States Outgrow Their European Neighbors
The Baltic Dry Index, a measure of shipping rates for bulk goods, has foundered.
The Stockholm archipelago consists of over 24, 000 islands and islets scattered across the Baltic Sea.
Interestingly, it appears that fiscal restraint has been very successful for the Baltic nations.
FORBES: Let's Copy The Baltic Nations And Really Cut Spending
Lithuania is being given a run for its money by its two Baltic neighbours.
ECONOMIST: Lithuania has the fastest-growing economy in Europe
My wife and I met Cyril on a Baltic cruise in 1996, on the QEII.
"They are in everything from the Amazon to the Baltic seas, " said Dr Clarke.
In February the Baltic Dry Index (which measures these things) hit an alltime high.
In 2011, Air Baltic became the first European airline to offer customers iPads for in-fight entertainment.
CNN: Tablets and live TV transforming entertainment on planes
Should other countries, such as the Baltic States, eventually be allowed in as well?
The Baltic Sea is semi-enclosed, so it takes a long time to flush out toxins.
The alliance's ability to defend the Baltic states depends almost wholly on American involvement.
She's been to Tuscany, Machu Picchu, Egypt, India, China, the Baltic, Turkey, Paris and Alaska.
If reforms fail in Georgia, the nearest post-Soviet success story will be on the Baltic.
You can drive from the Baltic Sea to the Mediterranean without even showing your passport.
The Baltic Ace had sailed from Zeebrugge in Belgium and was transporting Mitsubishi cars.
BBC: Baltic Ace shipwreck: Dutch coastguards call off search
At a time of acute gloom, EU and IMF bigwigs see hope in this Baltic resilience.
They said they were there as part of joint manoeuvres with the Baltic states' armies.
The Baltic states, Hungary and Poland went through costly banking crises in the early 1990s.
The son of Lithuanian immigrants, his moustacheless beard gives him the air of a Baltic pastor.
The American and Polish armies staged their first serious exercises in the Baltic region this year.
Russia is especially concerned about the status of Baltic states Lithuania, Estonia and Latvia.
Western governments are keeping a keen eye on the three Baltic countries' economic wobbles.
The subject is topical in another Baltic state, Lithuania, which introduced a currency board in 1994.
Polish, Baltic and other officials will meet in Warsaw shortly to discuss the significance of the exercises.
The pipeline allows Siberian gas to flow directly to Germany, via twin pipelines under the Baltic Sea.
"From our preliminary results, it actually looks pretty dire for porpoises in the Baltic, " says Anna Moscrop.
The move had been expected and comes after the small Baltic state met the required financial criteria.
The partly enclosed Baltic Sea is known as one of the most polluted seas in the world.
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