Significant legal and regulatory changes are required in order to implement Basel II. Some amendments are already in train and others need attention. They include: •  The legal framework surrounding the perfecting of loan security. Issues such as the enforceability of guarantees, the standards for registration of loan security. •  The impact of local bankruptcy laws.
Personally, I am convinced that the preparations for EU accession and, ultimately, accession itself will promote real convergence and will thus help to overcome the existing economic divisions in Europe. Simultaneously, EU enlargement will be beneficial in economic terms for the European Union as a whole.