Banking and Monetary Policy in Eastern Europe: The First Ten by Adalbert Winkler

By Adalbert Winkler

At the start of the transition strategy, the nations of imperative and japanese Europe confronted the duty of making a functioning economic climate the place none had existed sooner than. A decade later, high-level practitioners and famous specialists take inventory of banking and fiscal coverage within the area, centring on: the governance of banks; the unfold of economic concern; and, views for financial coverage and banking region development.

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If and when control is effectively kept, either by a government department or in the hands of a self-serving management, even in a case of majority private ownership it can easily lead to a sharp downturn in the fortunes of the bank. In turn, if and when management is prudent and supported by quality investors, the bank may fall prey to large strategic bidders in a fast consolidating market. Financial Sector Development in Central and Eastern Europe 19 Foreign strategic investment in most leading banks has proved to be an unqualified success in both Poland and Hungary after several consecutive efforts of government orchestrated and financed consolidation of insolvent SOBs.

But the lack of transparency and enforceable rules has proved to be an open invitation to abuse, finally resulting in a backlash as a result of the widespread disillusionment with and even hatred against stock markets. Negative sentiments, especially among foreign portfolio investors, coupled with the heroic efforts of some enlightened officials of the otherwise weak and politically targeted supervisory agency, have recently resulted in tightening regulations to promote trust and confidence which has either been lost or was never there in the first place.

Nevertheless, this is still a very dangerous situation because the accelerated pace of new financial products and services requires constant attention to market developments, frequent licensing and deep analysis of complex problems with increasing reliance on discretionary judgements. If the underlying values and mandates governing the behaviour of management and staff of these agencies are shaky or inconsistent then there is little hope of ensuring that public confidence prevails in these financial markets.

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