[As regards the IFRS, it is worth noting that Bulgaria, Romania, Croatia, and Serbia have already implemented these standards for companies and banks, while Turkey and Albania envisage their implementation by 2008.]
Moreover, SEE countries face important medium-term challenges relating to the effective application of the principles of good corporate governance across the financial sector, the implementation of the Basel II capital adequacy framework and the development of a comprehensive methodology for financial stability assessment, including the design of a macro stresstesting framework, especially for credit risk.