By Adalbert Winkler
At the start of the transition method, the nations of vital and japanese Europe confronted the duty of making a functioning economic climate the place none had existed earlier than. A decade later, high-level practitioners and recognized specialists take inventory of banking and fiscal coverage within the area, centring on: the governance of banks; the unfold of monetary obstacle; and, views for financial coverage and banking quarter development.
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Extra resources for Banking and Monetary Policy in Eastern Europe: The First Ten Years
In the last months of the 1997–2000 election period Romania also started to catch up desperately and made progress under the leadership of its new technocratic prime minister. Nevertheless, both countries have a long way to go before they can truly satisfy the membership criteria for the EU and close the gap with others. Banking sector development was started with the establishment of three or four large (typically a foreign trade, an industry and an agriculture oriented) SOBs without transforming the old savings bank into a universal financial institution.
While legislation has improved considerably in the second half of the 1990s in both countries, enforcement has remained uneven, unpredictable and sometimes politically conditioned, especially in Romania. Shallow implementation capacity constitutes a real bottleneck in both jurisdictions. Neither of the two central banks has ever been up to the requirements of crisis prevention and management. The lack of confidence and confusion about rules and values to be upheld are clearly highlighted by the latest events in the series of mini banking crises hitting Romania.
Proximity to Western markets), political factors such as democratic stability and maturity, cultural attitudes like popular sentiments towards foreign investment, widespread and genuine desire to access NATO and the EU, etc. have also been playing a very important role in determining overall progress in economic adjustment and modernization of the ten countries in question. No doubt all these factors have shaped policies and reforms targeted towards financial sector restructuring and the results and failures of these policies and reforms have modified the impact of all other factors as well.
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