EU Accession — Financial Sector Opportunities and Challenges by Paul Hare (auth.), Ingrid Matthäus-Maier, Dr. J.D. von

By Paul Hare (auth.), Ingrid Matthäus-Maier, Dr. J.D. von Pischke (eds.)

A individual foreign staff of vital bankers, advertisement bankers, marketers, educational advisors, policymakers, and representatives of improvement finance organisations and donor corporations, introduced jointly by way of KfW, examines during this booklet the way forward for monetary quarter improvement in Southeast Europe. They discover how you can increase the banking quarter in Southeast Europe, additional advertise SMEs, and increase entry to monetary companies within the zone. specialists and decision-makers determine the possibilities and demanding situations awarded through the ecu accession procedure and Basel II, and provide candid perception into the increasing function of the non-public zone in constructing the monetary panorama. The views offered during this e-book will advised dialogue and highbrow trade that would function a brand new start line for additional winning cooperative initiatives.

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Extra resources for EU Accession — Financial Sector Opportunities and Challenges for Southeast Europe

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All the other countries had per capita FDI inflows well under half the levels typical for CEB countries, and in most instances much smaller than that. A somewhat better picture emerges in 2003; as a percentage of GDP the flows are, for the first time, somewhat above the current rates in the Accession States. Nevertheless, the sums involved remain low. The low levels of FDI partly reflect the slow pace and sometimes the unsatisfactory forms of privatisation in the SEE countries, and partly reflect continuing deficiencies in the business environment.

Lack of understanding among political and business elites of the requirements for a well functioning market economy have often precluded dynamic reform. These requirements include the strict separation be- 9 Interesting analysis and discussion of the political economy of aid, and practical experience with aid programmes, can be found in Easterly (2002) and Martens et al. (2002). 26 Paul Hare tween state and economy, the importance of macroeconomic stabilisation, the need to promote competition, the application of economic “rules of the game” uniformly rather than being subject to negotiation, lobbying, bargaining, corrupt deals and the like.

Once they perceive a firm to be in poor shape they seek jobs elsewhere. Many poorly performing firms in the region have very high rates of voluntary quits. What is often quite astonishing is that despite performing badly they also take on lots of new workers as a result of the political pressures that enable them to remain in business. This is seriously bad economics and also bad politics except from a very short-term standpoint. It limits competition in the domestic market, discouraging the entry of new firms that might be able to perform better.

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