Slovakia: Knocking on EMU’s Door by Pasquale Diana. (page 2)

Latin America: Abundance Faces its First Shock by Gray Newman. (page 7)

China: Two Types of Overtightening by Qing Wang and Denise Yam, CFA. (page 11)

South Africa: Back to Tightening Territory? by Michael Kafe, CFA. (page 13)

India: Food Inflation Risks Rising Again by Chetan Ahya and Tanvee Gupta. (page 16)

Argentina: Wages – A Key Inflation Risk 20

Brazil: 2007 CPI Inflation on Target 20

Chile: Tightening 21

Colombia: Monetary Policy Outlook 22

Mexico: Mixed Bag for Inflation 23

Peru: Banco Central de Reserva Resumed Hiking 24

Kazakhstan: Short-term KZT Stability Likely Followed by Controlled Depreciation 25

Poland: Mood Remains Hawkish 25

Romania: Missing the Target 26

Russia: Appreciation Pressure Growing 27

India: November IP Growth Decelerates to 13-month Low 29

On the Horizon Our Annual Economic Forecasts 30-32

Upcoming Data Releases 33

EM Rating Table 34