By Adalbert Winkler
At the start of the transition technique, the international locations of principal and jap Europe confronted the duty of constructing a functioning economic system the place none had existed sooner than. A decade later, high-level practitioners and famous specialists take inventory of banking and financial coverage within the quarter, centring on: the governance of banks; the unfold of economic predicament; and, views for financial coverage and banking zone development.
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Additional resources for Banking and Monetary Policy in Eastern Europe: The First Ten Years
The Bulgarian government has made wise decisions on timing and sequencing and has thus been able to build up momentum and gradually change the perception of the outside world regarding the prospects of the Bulgarian economy. The easiest target, Postbank, a newly established and hence relatively unspoiled small SOB, plus a spin-off of the large foreign trade monopoly, the United Bulgarian Bank (UBB) went off the hook first, followed by two somewhat larger, regionally important and but still more easily restructured SOBs (Expressbank and Hebrosbank).
Unfortunately, in terms of implementing efficient public policies and micro reforms, there is no one single bright spot on the horizon of Ukraine in the short and medium term. If there are countries and cultures where the vast majority of the population has lost its trust almost entirely in public institutions and domestic financial firms, they are Russia and Ukraine – and without doubt, most other countries of the CIS. To change this still deteriorating trend will require heroic efforts and a sea change in behaviour on the part of the respective governments and the ruling oligarchies.
Fiscal constraints and strong vested interests in maintaining generous pension privileges – especially in Croatia – will make any effort to provide a strong boost to contractual savings highly unlikely in the foreseeable future. Conversely, government bond markets have a better chance of expanding quickly due to the sizeable fiscal deficits and debt in both countries. It is an interesting feature of the institutional arrangement in both countries that the respective central banks play a crucial role not only in overall banking regulation but also in supervision and oversight.