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International Monetary Fund. European Dept.

Financial development has advanced to varying degrees in emerging Europe. Macroeconomic stability and good institutional quality and law enforceability appear to have been key forces. Building on recent progress, further reforms are needed to complete the establishment of deep, liquid, diversified, and stable financial markets. This will yield benefits in terms of efficiency, risk diversification, and resilience in the face of possibly volatile external capital flows. Going forward, the EU integration process is likely to drive reforms in EU members. In non

Ms. Edda Zoli
This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.
International Monetary Fund
This 2003 Article IV Consultation highlights that the economy of the Republic of Poland began to recover during 2002 from the sharp weakening of growth in 2000–01, but the recovery is fragile. Private consumption picked up gradually, fueled by rising real fiscal transfers, easing monetary policy, and a drop in the savings ratio. Exports outpaced rather weak market growth as competitiveness improved. The recovery also reflected a lessening of negative influences: a sharp drop in inventories ended, and the contraction of fixed investment lessened.
International Monetary Fund
This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and weakening consumer and business confidence. Inflation has risen to 2.9 percent year-over-year in December on account of indirect tax increases, but core inflation remains low. The current account deficit is expected to have deteriorated in 2002 to 5.5 percent, on account of lower tourism receipts and temporary factors.
Mr. Ruben V Atoyan, Ms. Dora Benedek, Ezequiel Cabezon, Mr. Giuseppe Cipollone, Mr. Jacques A Miniane, Ms. Nhu Nguyen, Mr. Martin Petri, Mr. Jens Reinke, and Mr. James Roaf
An assessment of public infrastructure development in the Western Balkans. The paper quantifies the large gaps across various sectors/dimensions, evaluates current infrastructure plans, and discusses funding options available to countries in the region. The paper also identifies important bottlenecks for increased infrastructure investment. Finally, the paper quantifies potential growth benefits from addressing infrastructure gaps, concluding that boosting the quantity and quality of infrastructure is vital for raising economic growth and accelerating income convergence with the EU. The paper concludes with country-specific policy recommendations.
Ms. Edda Zoli

This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.