By Adalbert Winkler
At the start of the transition method, the nations of imperative and jap Europe confronted the duty of constructing a functioning economic climate the place none had existed prior to. A decade later, high-level practitioners and famous specialists take inventory of banking and fiscal coverage within the sector, centring on: the governance of banks; the unfold of monetary hindrance; and, views for financial coverage and banking zone development.
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Extra resources for Banking and Monetary Policy in Eastern Europe: The First Ten Years
It may even be able to catch up with the first-tier accession candidates, while Croatia has yet to start serious negotiations at all. As far as capital market development is concerned, mass privatization coupled with the lack of adequate regulation and enforcement proved to be detrimental to substantive take-off. Within this bleak picture there are certain differences leading the observer to conclude that the Slovak equity market has more stocks and perhaps more liquidity, but the Croats have some larger, better-quality firms (Pliva, Podravka and Zagrebacka Banka are well-known names even in the international arena).
Slovakia and Croatia have been very fortunate for having been able to change course early on; Bulgaria has every hope of following suit. Romania, however, is fast approaching an important historic crossroads since the results of the parliamentary elections in 2000 may well strengthen nationalist and populist elements and turn the clock back. Some other countries, most notably Russia and Ukraine, do not seem to have a historic chance of breaking the overarching influence of their local oligarchies in the short run.
Continental European experience does not seem to justify this peculiar type of sweeping privatization either; there are quite a few countries, such as Germany, France and Italy, where state – or at least local government – control as well as dispersed ownership of domestic non-financial institutions and individuals have characterized important segments of banking, 38 Keynote Address insurance and capital markets without substantially deteriorating the quality of governance. Why is it not possible for Central and Eastern Europe to follow their example?