Western Balkan Countries And The European Financial System

First published in 1999, Kostis in this book traces the influences Western modern banking systems in Balkan states and the economic development of these countries. The contributors of this book consider a wide arrange of approaches in relation to issues of western-European influence in Balkan countries with the aim to create a further discourse in this subject.

This book explores the economic and social development of the Western Balkan region, a group of six countries that are potential candidates for EU membership. It focuses on the key economic issues facing these countries, including the challenge of promoting economic growth, limiting public deficits and debt, and fostering international trade relations. Given the severe impact of the recent economic crisis on social welfare in the region, it also investigates the nature and extent of social exclusion, a factor likely to produce future political instabilities if not effectively addressed by a return to sustainable economic growth. The contributions explore these issues in light of the major influence of EU policy instruments and advice, which are currently guiding the economies along an accession trajectory to future EU membership.

The publication covers Albania, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Serbia and Montenegro and Kosovo.

This volume argues that a renewed commitment to sound macroeconomic policies and structural reforms is needed for countries in South East Europe, or 'the Balkans' achieve to sustainable prosperity, along with enhanced support from the international community. New fiscal and financial architecture has valuable lessons for policymakers in SEE.

Recoge: Part A: Regional overview : 1. Sustained growth in the Western Balkans - 2. Economic growth and government - 3. Regulatory policies and economic growth in transition economies - 4. Export-led growth in South Eastern Europe?-- Part B: Country Analysis: -Albania - Bosnia and Herzegovina - Croatia --Former Yugoslav Republic of Macedonia - Montenegro -Serbia - Kosovo.

The economies of the European countries are still in recession, the development process is at a standstill, companies are facing financial difficulties, and the EU’s monetary policy is tight and focused on lowering inflation. The fiscal problems and high debt levels of the northern European countries are of great importance, and they are the consequences of both the European economy’s structural characteristics and the EU’s policies. The economic area of Eastern Europe, the Balkans and the Black Sea countries is also vital, due to its special economic characteristics. The effects of the economic crisis on this particular area are catalytic, while the prospects for recovery are doubtful. The present book deals with the key aspects of the economic crisis in Europe, especially focusing on southeast Europe and the Balkans. The consequences of the crisis in these countries are analyzed and suggestions for how to address the crisis are outlined.

Following a decade of conflicts, Western Balkan countries accomplished robust economic growth in the 2000s. This growth pattern was domestic demand driven and externally financed, hence was hampered significantly by the global financial crisis and subsequent euro area debt crisis. Despite modest post-crisis recovery, the region continues to struggle with structural problems that undermine economic growth. Prospects for the region remain significantly dependent on external developments--but also progress on structural reform agendas. Against this backdrop, further financial deepening and improved financial stability are essential to boosting sustainable growth. The size and structure of the financial sector varies considerably across the Western Balkan countries and is primarily bank-based. In the near term, policymakers and regulators in the region face a number of challenges with regard to supporting economic growth, expanding financial inclusion, and maintaining financial stability. Banking regulation and oversight have improved over the last decade, but a number of important shortcomings in some segments remain. The book is arranged as follows: While the snapshot in Chapter one focuses on near term challenges and policy responses with regard to financial sector development and stability, the following chapters look more broadly at the external context and take a longer term view on challenges and opportunities that could present themselves over the next decade. It does so not by proposing a single forecast, or view of the future, but by exploring key uncertainties and applying the tool of scenario thinking to create three different visions for the world around the Western Balkans financial systems in 2025 aimed at informing the development of financial sector strategies that contribute to the country's overall success in sustainable and inclusive growth.

Developing and ‘transition’ economies face myriad challenges in their attempts to achieve and maintain political stability and foster the economic growth essential for national security, the social well-being of current citizens and sustainable environments for future generations. Governments in the Western Balkans have striven to achieve all of the above, and this volume assesses the nature of their experiences as well as the level of their success in doing so. Featuring detailed case studies of public policy reforms in the region as well as comparative analysis on a range of indicators, the book analyzes the role of key players in setting the political agenda as well as implementing policy reforms. It also distils the lessons that can be learned from the Western Balkan experience, recommending strategies for enhancing the policy making process. In addition, it examines the developmental role played by the full spectrum of policy actors, including the private sector, NGOs, special interest groupings, international financial institutions, donor nations and the EU. Each case study has been prepared by academics with deep knowledge and experience of the western Balkans and addresses a core set of questions: identifying the policy issue and its broader context, defining the roles of specific individuals in formulating policy and reform and assessing the influence of networks and coalitions in the policy making process. With so little detailed literature on public policy making in a group of nations strategically positioned between Europe, Russia and the near East, the detailed insights provided by this volume will be widely welcomed. Our book provides case studies of specific public policy reform episodes in selected Western Balkan post-conflict and transition countries. The focus of these case studies extends beyond the technical aspects and entails substantive examination of the policy actors, constituencies and politics that ultimately shape the policy that emerges from the policy making process. This analysis draws lessons for strengthening the quality of policies, the transparency, consistency, and governance of the policy making process and ultimately for contributing to economic and social development of the region.