Building peace in South East Europe: macroeconomic policies by Romania) Regional Conference for South East Europe 2001

By Romania) Regional Conference for South East Europe 2001 (Bucharest, International Monetary Fund, World Bank, Dimitri G. Demekas, World Bank International Monetary Fund

A copublication of the area financial institution and the foreign financial Fund; ahead of the eruption of the Kosovo clash within the spring of 1999, the international locations of South jap Europe - Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania, and FR Yugoslavia - have been lagging at the back of these of critical Europe and the Baltics from an financial and governance point of view. even supposing brief lived, the trouble threatened all nations within the zone and hence, it grew to become a defining second for them. The method constructed by means of the interrational group in accordance with the crises, was once an absolutely built-in one, which incorporated reconstruction and fiscal prosperity for the whole zone. This paper files the development made via the quarter when it comes to fiscal development and govt reform. It recognizes the optimistic effect of the donor neighborhood upon this development and issues out that ongoing development depends on potent governance and coverage improvement from the professionals within the quarter. this is often severe to bringing inner most funding into the zone.

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Extra resources for Building peace in South East Europe: macroeconomic policies and structural reforms since the Kosovo conflict

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There are also signs o f a growing will to fight corruption, especially in countries where governments that espoused ethnic politics and had originally came to power in conditions o f war, have been replaced. Finally, the constituency for reform may be growing: taxpayers appear to be tiring o f supporting loss-making enterprises or banks, and public opinion i s becoming less tolerant o f misuse o f public resources. Significant political risks persist. The crisis in FYR Macedonia i s a reminder o f continuing ethnic tensions in the region and the havoc they wreak in the economy.

Montencgro and Kosovo apply their own external tariff schedules. I / Data is for 1998 111 - 37 Table 10. South Eastern Europe: Trade agreements W T 0 ni e m b crsli ip A I b an i a Bosnia and Herzegovina Regional bilateral free trade agreements S e p te 111b e r 2 0 0 0 Regional trade agreements Relations with the European Lnion S i g n e d r e g i o n a l M e m o r a n d u m of U n d e r s t a n d i n g 011 T r a d e Lib e ra I 1sa ti o 11 Autonomous Trade preferences ( I 999) I / , D u t y f r e e a c c e s s to EL1 M a r k e t s ( 2 0 0 0 ) .

Investment funds, private insurance and pension funds, leasing companies) and associated regulatory framework. Securities laws and regulations approaching IOSCO standards; substantial market liquidity 4 and capitalization; well-functioning non-bank financial institutions and effective regulation. 4+ Standards and performance norm o f advanced industrial economies: full convergence o f securities laws and regulations with IOSCO standards; fully developed non-bank intermediation. - 30 Table 3. South Eastem Europe: Main Macroeconomic Indicators 1997 1998 1999 2000 2001 Proj.

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