By Adalbert Winkler
At the start of the transition method, the nations of significant and japanese Europe confronted the duty of making a functioning economy the place none had existed ahead of. A decade later, high-level practitioners and famous specialists take inventory of banking and financial coverage within the area, centring on: the governance of banks; the unfold of monetary predicament; and, views for financial coverage and banking region development.
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Additional info for Banking and Monetary Policy in Eastern Europe: The First Ten Years
2. 3. 4. 5. Advanced reformers: Poland and Hungary Reluctant modernizers: Czech Republic and Slovenia Struggling with double legacy: Slovakia and Croatia Desperate reformers: Romania and Bulgaria Prolonged crisis cases: Russia and Ukraine It needs to be emphasized, however, that the above classification reflects the achieved level of progress made in financial sector modernization only and may not necessarily imply that the countries in question have reached similar degrees of development in other areas of structural reform.
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. Financial Sector Development in Central and Eastern Europe 27 Since both institutions assumed the role of a proper central bank, and started issuing money and regulating money supply less than ten years ago, it is no surprise that there is a relatively weak institutional capacity to carry out these new functions.
Communist deputies of the Russian parliament indicated privately that while they cannot accept foreign control in flagship domestic banks, they would also place their own money mostly in foreign banks domiciled in Russia or abroad. ) Selling control in financial institutions to foreign strategic partners is the best way to bridge the huge gap between the very demanding and fully Westernized consumer mentality and the persistent ignorance of what it takes to be a prudent provider of the same quality products and services.